FORT VALLEY, Ga.--(BUSINESS WIRE)--
Blue Bird Corporation (Nasdaq: BLBD), the leading independent designer
and manufacturer of school buses, announced today that it has paid down
its $183 million term debt by $28 million or 15%. $25 million of this
payment was a voluntary prepayment and $3 million was part of its
required repayment schedule. Blue Bird Corporation has paid down $34
million this fiscal year-to-date, including the required amortization
payments made under the loan agreement.
“Generating strong free cash flow is a strength of Blue Bird and being
able to voluntarily pay down a substantial portion of our debt is an
example of the optionality this provides. We believe this is a prudent
decision as we manage our balance sheet for our ongoing business and
position the company for future growth,” said Phil Tighe, Chief
Financial Officer of Blue Bird Corporation.
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.
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Blue Bird Corporation
Jeff Merten, 478-822-2496
Investor
Relations & New Business Development
[email protected]
Source: Blue Bird Corporation