FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (“Blue Bird” or the “Company”) (Nasdaq: BLBD and
BLBDW), formerly named Hennessy Capital Acquisition Corp., today
announced the results of its previously announced offer to exchange (the
“Offer”) up to a maximum of 5,750,000 of its outstanding public warrants
(the “Public Warrants”) for shares of Company common stock (the
“Shares”) at an exchange ratio of 0.1 of a Share for each Public Warrant
validly tendered and not withdrawn (approximately one Share for every
ten Public Warrants tendered). The Offer expired at 12:00 midnight, New
York City time, at the end of the day on March 2, 2015. Based upon
information provided by Continental Stock Transfer & Trust Company, the
depositary for the Offer, as of the expiration of the Offer, a total of
2,690,462 Public Warrants have been validly tendered and not properly
withdrawn, for a total of approximately 269,046 Shares to be issued by
the Company.
As previously announced, Hennessy Capital Partners I LLC (the “Sponsor”)
has agreed to exchange (the “Sponsor Warrant Exchange”) that number of
the outstanding warrants it obtained in a private placement in
connection with the initial public offering of Hennessy Capital
Acquisition Corp. (such warrants, the “Placement Warrants”) equal to (i)
12,125,000 less (ii) the number of Public Warrants validly tendered and
accepted for exchange pursuant to the Offer, in exchange for Shares at
an exchange ratio of 0.1 of a Share for each Placement Warrant.
Accordingly, based on the results of the Offer, the Sponsor will
exchange 9,434,538 of its Placement Warrants for a total of 943,453
Shares to be issued to the Sponsor by the Company. The closing of the
Sponsor Warrant Exchange is expected to occur on March 17, 2015.
After the Offer and the Sponsor Warrant Exchange, there will be a total
of 11,500,000 Public Warrants and Placement Warrants that remain
outstanding. Such Public Warrants and Placement Warrants will be
exercisable for a total of 5,750,000 Shares, subject to adjustment.
About Blue Bird Corporation
Blue Bird is the leading independent designer and manufacturer of school
buses, with more than 550,000 buses sold since its formation in 1927 and
approximately 180,000 buses in operation today. Blue Bird’s longevity
and reputation in the school bus industry have made it an iconic
American brand. Blue Bird distinguishes itself from its principal
competitors by its singular focus on the design, engineering,
manufacture and sale of school buses and related parts. As the only
manufacturer of chassis and body production specifically designed for
school bus applications, Blue Bird is recognized as an industry leader
for school bus innovation, safety, product
quality/reliability/durability, operating costs and drivability. In
addition, Blue Bird is the market leader in alternative fuel
applications with its propane-powered and compressed natural gas-powered
school buses. Blue Bird manufactures school buses at two facilities in
Fort Valley, Georgia. Its Micro Bird joint venture operates a
manufacturing facility in Drummondville, Quebec, Canada. Service and
after-market parts are distributed from Blue Bird’s parts distribution
center located in Delaware, Ohio.
Forward Looking Statements
This press release may include forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements relate
to expectations for future financial performance, business strategies or
expectations for our business. Specifically, forward-looking statements
may include statements relating to:
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Inherent limitations of internal controls impacting financial
statements
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Growth opportunities
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Future profitability
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Ability to expand market share
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Customer demand for certain products
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Economic conditions that could affect fuel costs, commodity costs,
industry size and financial conditions of our dealers and suppliers
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Labor or other constraints on the Company’s ability to maintain a
competitive cost structure
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Volatility in the tax base and other funding sources that support the
purchase of buses by our end customers
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Lower or higher than anticipated market acceptance for our products
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Ability to be successful in the Company’s appeal of the delisting
determination by the staff of the Listing Qualifications Department of
the NASDAQ Stock Market and to meet NASDAQ’s listing standards,
including having the requisite number of stockholders
-
Other statements preceded by, followed by or that include the words
“estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “target” or similar expressions
These forward-looking statements are based on information available as
of the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties. Accordingly, forward-looking statements should not be
relied upon as representing our views as of any subsequent date, and we
do not undertake any obligation to update forward-looking statements to
reflect events or circumstances after the date they were made, whether
as a result of new information, future events or otherwise, except as
may be required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the SEC
by the Company (available at www.sec.gov),
could cause our actual results to differ materially from estimates or
expectations reflected in such forward-looking statements.
Blue Bird Corporation
Jeff Merten, 478-822-2496
Director,
Investor Relations & New Business Development
[email protected]
Source: Blue Bird Corporation