New Flyer Completes Acquisition of Motor Coach Industries

New Flyer Industries  has announced that has completed its previously announced acquisition of Motor Coach Industries International, Inc. (“MCI”) for cash consideration of US$455 million, subject to certain purchase price adjustments.

Concurrent with the acquisition, the Company amended and extended its senior secured credit facility to December 18, 2019 while increasing the total amount of the facilities to US$825 million.

As previously announced, the New Flyer board of directors approved a 12.9% increase in the annual dividend rate from C$0.62 to C$0.70 per common share, and revised its policy to pay dividends on a quarterly basis.

Effective immediately, Paul Soubry, the Company’s President and Chief Executive Officer, has also been appointed as President and Chief Executive Officer of MCI and its subsidiaries.

New Flyer employs over 4,800 people and is the largest transit bus and motor coach manufacturer and parts distributor in North America with fabrication, manuf

Category: General Update