On July 27, 2011, New Flyer Industries Canada ULC and New Flyer of America Inc. entered into a US$195 million amended and restated credit agreement (the “New Credit Facility”) with The Bank of Nova Scotia, as co-lead arranger and administrative agent, Bank of Montreal, as co-lead arranger, and certain other lenders.  The New Credit Facility refinanced New Flyer’s previous credit facility which was scheduled to mature in April 2012.  The New Credit Facility matures on April 24, 2014. The New Credit Facility relaxes certain financial covenants, including if New Flyer’s shareholders (including holders of income deposit securities) exercise at least 50% of the rights issued to them in connection with New Flyer’s non-cash rights offering. The New Credit Facility also provides for an accordion feature of US$75 million of term loan facilities. New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States.

Borden Ladner Gervais LLP acted for the administrative agent and the lenders in Canada, with a team that included Howard Silverman and Angela Lin.