June 21, 2013
NEW FLYER CONFIRMS THE SUCCESSFUL CLOSING OF NORTH AMERICAN BUS INDUSTRIES, INC. ACQUISITION AND RELATED FINANCING TRANSACTIONS
Winnipeg, Manitoba, Canada – June 21, 2013: (TSX:NFI;
TSX:NFI.DB.U) New Flyer Industries Inc. (“New Flyer” or the “Company”)
announced earlier today the acquisition of North American Bus
Industries, Inc. (“NABI”) from an affiliate of Cerberus Capital
Management L.P. for cash consideration of approximately $80 million,
virtually all for the satisfaction of affiliate debt.
The Company has now received confirmation of the wire transfers of funds
and confirms the completion of the acquisition and related financing
transactions involving Marcopolo S.A. and the Company’s amended and
restated senior credit facility.
As a reminder to the previous news release, senior management of New
Flyer will host a conference call at 9:00 AM (ET) on Monday, June 24,
2013. The call-in number for listeners is 888-231-8191 or 647-427-7450. A
live audio feed of the call will also be available at
http://www.newswire.ca/en/webcast/detail/1182391/1295533. During the
call, senior management will be referring to a presentation which is
posted on the New Flyer website at www.newflyer.com. The presentation
can be found in the Investor Relations section of the New Flyer website
on the Events and Presentations page.
A replay of the call will be available from 12:00 p.m. (ET) on June 24,
2013 until 11:59 p.m. (ET) on July 1, 2013. To access the replay, call
855-859-2056 or 416-849-0833 and then enter pass code number 95678601.
The replay will also be available on New Flyer’s web site at
NOTE: All dollar amounts are stated in US currency, unless otherwise noted.
About New Flyer
New Flyer is a leading manufacturer of heavy-duty transit buses in
Canada and the United States. The Company is the industry technology
leader and offers the broadest product line including drive systems
powered by: clean diesel, natural gas and electric trolley as well as
energy-efficient diesel-electric hybrid vehicles. All buses are
supported by an industry-leading comprehensive warranty and support
program, and service network. New Flyer and NABI also operate the
transit industry’s most sophisticated aftermarket parts organization,
sourcing parts from hundreds of different suppliers and providing
support for all types of heavy-duty transit buses.
Together New Flyer and NABI employ over 3,000 team members with
manufacturing, fabrication, parts distribution and service centers in
both Canada and the United States. Further information is available on
New Flyer’s web site at www.newflyer.com. The common shares and
convertible unsecured subordinated debentures of the Company are traded
on the Toronto Stock Exchange under the symbols NFI and NFI.DB.U,
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of the
world's leading private investment firms. Cerberus has more than US $20
billion under management invested in four primary strategies: distressed
securities & assets; control and non-control private equity;
commercial mid-market lending and real estate-related investments. From
its headquarters in New York City and large network of affiliate and
advisory offices in the US, Europe and Asia, Cerberus has the
on-the-ground presence to invest in multiple sectors, through multiple
investment strategies in countries around the world.
This press release may contain forward-looking statements relating to
expected future events and financial and operating results of the
Company that involve risks and uncertainties. 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
risks related to acquisitions, joint ventures and other strategic
relationships with third parties, market and general economic conditions
and economic conditions of and funding availability for customers to
purchase buses and to purchase parts or services, customers may not
exercise options to purchase additional buses, the ability of customers
to terminate contracts for convenience and the other risks and
uncertainties discussed in the materials filed with the Canadian
securities regulatory authorities and available on SEDAR at
www.sedar.com. Due to the potential impact of these factors, the Company
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.
For further information, please contact:
For New Flyer Industries, Inc.
Chief Financial Officer
For Cerberus Capital Management, L.P.
Cerberus Media Line