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The transaction marks EDC's first financing commitment under its new enhanced mandate to support domestic trade to help increase access to credit for Canadian companies. EDC's new domestic powers came into effect on Thursday, March 12, 2009, with the passing of Bill C-10 by Parliament.
"EDC's participation in this facility renewal for New Flyer is exactly what our new domestic powers were intended to accomplish," said Eric Siegel, President and CEO of EDC. "This facility shows how EDC can complement the private sector to enhance capacity for domestic transactions that are creditworthy and supported by a viable business model, but for which companies are having a difficult time finding credit."
Export Development Canada is now a member of New Flyer's senior credit syndication. The syndicate of lenders includes the Bank of Nova Scotia as the Lead Arranger, Sole Book Runner and Administrative Agent, and the Bank of Montreal as the Syndication Agent. The new senior credit facility will be structured as a three-year term, and comprised of a USD 90 million term loan, a USD 50 million revolver and a USD 40 million letter of credit facility.
New Flyer is the leading manufacturer of heavy-duty transit buses in Canada and the United States. The Company's three facilities in Winnipeg, MB, St. Cloud, MN and Crookston, MN are all ISO 9001, ISO 14001 and OHSAS 18001 certified. With a skilled workforce of approximately 2,400 employees, New Flyer is a technology leader in the heavy-duty transit market, 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 gasoline-electric and diesel-electric hybrid vehicles. All of New Flyer's products are supported by an industry-leading, comprehensive parts and service network. The IDSs are listed on the Toronto Stock Exchange under the symbol NFI.UN.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 8,300 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining, is a recognized leader in financial reporting and economic analysis, and has been recognized as one of Canada's Top 100 Employers for eight consecutive years.
SOURCE: Export Development Canada
Phil Taylor, Export Development Canada, (613) 598-2904, Blackberry: ptaylor@edc.ca
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