Date closed: 12/18/2015

Value: See below

On December 18, 2015, New Flyer Industries Inc. (New Flyer) completed its acquisition of Motor Coach Industries International, Inc. (MCI) from an affiliate of KPS Capital Partners, L.P. for cash consideration of US$455 million, subject to certain purchase price adjustments. MCI is a manufacturer of intercity coaches in Canada and the U.S. New Flyer is a manufacturer of heavy-duty transit buses in Canada and the U.S.

Concurrent with the acquisition, New Flyer amended and extended its senior secured credit facilities with The Bank of Nova Scotia, as administrative agent, and a syndicate of lenders. The maturity date was extended to December 18, 2019 and the total amount of the facilities was increased to US$825 million. The borrowing limits of the revolving facility were increased to US$343 million and the term facility was increased to US$482 million. The credit facilities were used to fund the acquisition.

BLG acted as counsel to The Bank of Nova Scotia and Bank of Montreal, as co-lead arrangers, with a team led by Howard Silverman that included Kyle P​lunkett (banking), Rick Coburn (environmental), Andrew Harrison (pensions), Danny Lang (tax) and David Wood (IP).