NFI Group’s C$150 Million Bought Deal Financing

Torys LLP acted as counsel to NFI Group.

NFI Group Inc. closed its bought deal financing of 6,110,000 common shares at a price of C$24.55 per share for aggregate gross proceeds of C$150 million. 

Together with the convertible unsecured debentures issued, the total aggregate gross proceeds to the company is of approximately C$450 million. 

The offering was led by a syndicate of underwriters including BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and Scotiabank. 

The company intends to use the net proceeds from the offering to reduce the outstanding balance under its senior credit facilities. In connection with the bought deal financing, NFI obtained amendments to its main US$1.25 billion senior credit facility and its GBP 50 million senior credit facilty to, among other things, provide flexibility with respect to key financial covenants (total leverage ratio and interest coverage ratio) for fiscal 2022 and 2023.

NFI Group is a leading global independent bus and coach manufacturer providing a comprehensive suite of mass mobility solutions, including infrastructure and technology, through their known and respected brands. 

The Torys’ team included Michael Amm (Picture), Paulina Taneva, Daniel Masliyah and Ronen Nehmad (corporate/securities) and Scott Kraag and Stephanie Gurrieri (lending).

Involved fees earner: Michael Amm – Torys LLP; Stephanie Gurrieri – Torys LLP; Scott Kraag – Torys LLP; Daniel Masliyah – Torys LLP; Ronen Nehmad – Torys LLP; Paulina Taneva – Torys LLP;

Law Firms: Torys LLP;

Clients: NFI Group Inc. ;

Sonia Carcano

Author: Sonia Carcano