NFI completes bought deal public offering of subscription receipts

Torys acted as counsel to NFI with a team that included Michael Amm, Robbie Leibel, Paulina Taneva and Tia Eisner (corporate/securities).

On June 6, 2023, NFI Group Inc. (“NFI”) announced the successful closing of the issue and sale of 15,102,950 subscription receipts at a price of C$8.25 per subscription receipt, for gross proceeds of approximately C$125 million.

The subscription receipts were offered to the public through a syndicate of underwriters co-led by BMO Capital Markets, CIBC Capital Markets, National Bank Financial and Scotiabank, and included ATB Capital Markets Inc. and Merrill Lynch Canada Inc. (collectively, the “Underwriters”). The offering included 1,969,950 subscription receipts issued pursuant to the exercise, in full, of the over-allotment option granted to the Underwriters.

NFI intends to use the net proceeds of the offering to repay outstanding indebtedness under NFI’s existing credit facilities and for working capital and general corporate purposes, once the proceeds from the offering are released from escrow.

Further information can be found on Globe Newswire’s website.

NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer® (heavy-duty transit buses), MCI® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC® (low-floor cutaway and medium-duty buses), and NFI Parts™.