Free press releases distribution network?

Agency / Source: New Flyer Industries, Inc.

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!



New Flyer Announces Notice to Redeem 14.0% Subordinated Notes and Entry into Amendment to Senior Credit Facility - New Flyer Industries, Inc. (“NFI”) and New Flyer Industries Canada ULC (“NFI ULC”, together with NFI, “New Flyer” or the “Company”) announced that NFI ULC has formally commenced the process to redeem all of its 14.0% subordinated notes - NewFlyer.com
New Flyer Announces Notice to Redeem 14.0% Subordinated Notes and Entry into Amendment to Senior Credit Facility

 

PRZOOM - /newswire/ - Winnipeg, Manitoba, Canada, 2012/06/25 - New Flyer Industries, Inc. (“NFI”) and New Flyer Industries Canada ULC (“NFI ULC”, together with NFI, “New Flyer” or the “Company”) announced that NFI ULC has formally commenced the process to redeem all of its 14.0% subordinated notes - NewFlyer.com. TSX: NFI.DB.U

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Automotive/Trucking/RV Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

New Flyer Industries, Inc. (“NFI”) and New Flyer Industries Canada ULC (“NFI ULC”, together with NFI,“New Flyer” or the “Company”) announced today that NFI ULC has formally commenced the process to redeem all of its 14.0% subordinated notes (the “Subordinated Notes”), including the approximate C$59 million aggregate principal amount of Subordinated Notes, held by third parties in accordance with the terms of the trust indenture governing the Subordinated Notes (the “Indenture”). The Subordinated Notes will be redeemed on August 20, 2012 at a total price of C$58.4812 per C$55.30 principal amount of Subordinated Notes, representing a redemption price of C$58.065 per C$55.30 principal amount of Subordinated Notes (or 105% of principal), plus all accrued and unpaid interest to and including the redemption date. Notice of the redemption of the Subordinated Notes will be delivered to CDS Clearing and Depository Services Inc. (“CDS”) in accordance with the terms of the Indenture.

Subordinated Notes are held separately and in the form of an income deposit security (“IDS”). Each IDS consists of one common share of NFI and C$55.30 principal amount of Subordinated Notes. On the redemption date, the IDSs will be automatically separated and holders of IDSs will receive (i) that number of common shares of NFI equal to the number of IDSs held immediately prior to redemption of the Subordinated Notes, and (ii) C$58.4812 per C$55.30 principal amount of Subordinated Notes, representing the redemption price, plus all accrued and unpaid interest to and including the redemption date.

The redemption of the 14% Subordinated Notes will be financed with the net proceeds of NFI’s recently completed public offering of 6.25% convertible unsecured subordinated debentures.

As previously announced, once the redemption of the Subordinated Notes is completed, the board of directors of NFI expects to establish a new dividend policy that will reduce the annualized dividend payment to approximately 50% of the previous annual IDS distribution level of C$1.17 per IDS.

Upon completion of the redemption of the Subordinated Notes, NFI ULC will apply to cease to be a reporting issuer under the securities laws of each province and territory of Canada. New Flyer will also apply to de-list the IDSs from the TSX and, following such de-listing, the common shares of NFI forming part of an IDS will commence trading separately and continue to be listed (together with the current separately-traded common shares of NFI) on the TSX under the trading symbol “NFI”.

Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in IDSs or Subordinated Notes through CDS should contact their CDS customer services representative with any questions about the redemption. Beneficial holders of IDSs or Subordinated Notes, including retail investors, with any questions about the redemption should contact their brokerage firm or financial institution which holds interests in the IDSs or Subordinated Notes on their behalf.

The Company also confirms that it has entered into an amendment to its senior credit facility today which amends certain of the covenants effective on the redemption of the Subordinated Notes. As previously announced, the covenant changes are intended to reflect the Company’s new capital structure following the redemption of the Subordinated Notes. A copy of the amendment will be filed on SEDAR in due course at sedar.com/.

About New Flyer
New Flyer (TSX:NFI, TSX:NFI.UN, TSX:NFI.DB.U) is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company’s three manufacturing facilities – in Winnipeg, MB; St. Cloud, MN; and Crookston, MN – are all ISO 9001, ISO 14001 and OHSAS 18001 certified. The Company currently operates a parts fabrication facility in Elkhart, IN and four parts distribution centers in Winnipeg, MB; Erlanger, KY; Fresno, CA and Brampton, ON.

With a skilled workforce of over 2,000 employees, New Flyer (newflyer.com) is a technology leader, offering the broadest product line in the industry, including drive systems powered by clean diesel, LNG, CNG and electric trolley as well as energy-efficient diesel-electric hybrid vehicles. New Flyer has delivered over 31,000 heavy-duty buses in Canada and the United States. All products are supported with an industry-leading, comprehensive parts and service network.

The common shares, IDSs and convertible debentures of NFI are traded on the Toronto Stock Exchange under the symbols NFI, NFI.UN and NFI.DB.U, respectively.

Forward-Looking Statements
This press release contains forward-looking statements relating to expected future events and financial and operating results of New Flyer that involve risks and uncertainties. The words “believes”,“anticipates”,“plans”,“expects”,“intends”,“projects”,“estimates” and similar expressions are intended to identify forward looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. Actual results may differ materially from management expectations as projected in such forward-looking statements for a variety of reasons, including the ability to complete the redemption of the Subordinated Notes, market and general economic conditions and economic conditions of and funding availability for customers to purchase buses and to exercise options for buses and to purchase parts or services, the covenants contained in NFI ULC’s senior credit facility, as amended, the subordinated note indenture could impact the ability of New Flyer to continue to fund distributions and dividends and take certain other actions, and the other risks and uncertainties discussed in the materials filed with the Canadian securities regulatory authorities and available on SEDAR at sedar.com. Due to the potential impact of these factors, New Flyer disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Automotive/Trucking/RV Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Agency / Source: New Flyer Industries, Inc.

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick PRZOOM - Press & Newswire Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Automotive/Trucking/RV articles,
CATCH Visitors via Your Competitors Announcements!


New Flyer Announces Notice to Redeem 14.0% Subordinated Notes and Entry into Amendment to Senior Credit Facility

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name PRZOOM - Press & Newswire and LINK as the source.
 
  For more information, please visit:
Is this your article? Activate ALL web links by Upgrading to Press Release PREMIUM Plan Now!
New Flyer Industries Inc. |
Contact: Glenn Asham - NewFlyer.com 
204-224-1251 investor[.]newflyer.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any New Flyer Industries, Inc. securities in any jurisdiction including any other companies listed or named in this release.

Automotive/Trucking/RV via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!




Read Latest Press Releases From New Flyer Industries, Inc. / Company Profile


Read Automotive/Trucking/RV Most Recent Related Press Releases:

First Transports in Networked Trucks - DB Schenker and MAN Agree on Platooning Project
MAN Truck & Bus Are Placing the New MAN TGE Under Static Scrutiny As Part of A Van Bodybuilders’ Day Today
MAN Lion's Intercity is Russia’s Intercity Bus of the Year
Enel and Nissan Present First All-inclusive Electric Mobility Solution
MAN Truck & Bus Korea Launched MAN Lion’s Touring - The First and Only Cabriolet Bus for Sightseeing Tours in Korea
Influx of Cheap Imports Floods the Automotive Filter Aftermarket Says Frost & Sullivan
BASF Introduces Latest Robust Connectors for Automotive Wire Harnesses
Man Group Announces 100 NEOPLAN Skyliner Coaches for Rome
BASF Introduces Synthetic Leather Made with Elastollan® - Makes Car Seats More Comfortable
Frost & Sullivan Acclaims Federal-Mogul Motorparts' Visionary Solutions and Growth Strategies for the North American Automotive Aftermarket

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
 
NewswireToday Celebrates 10 Years in Business
Find business coaching, life coaching, executive coaching and corporate coaching, best selling coaching books, ...



PREMIUM Members


Visit  BizJobs.com

Visit  Triggr & Bloom

Visit  NAKIVO, Inc.







 
  ©2016 PRZOOM — Limelon Advertising, Co.
Home | About PRZOOM | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneur newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today