Transaction|December 18, 2015
New Flyer acquires Motor Coach Industries International
Torys acted as counsel to New Flyer with a team that included Mike Amm, Stefan Stauder, Meghan McKeever, Steve Rotchtin and Simonne Horwitz (corporate/M&A), Scott Kraag (financing), Omar Wakil (competition), Ed Fan (IP), John Unger and Grace Pereira (tax).
On December 18, 2015, New Flyer Industries Inc. (New Flyer) completed its acquisition of Motor Coach Industries International, Inc. (MCI) from an affiliate of KPS Capital Partners, L.P. for cash consideration of US$455 million, subject to certain purchase price adjustments.
The transaction, including related expenses, was funded through new US$825 million senior secured credit facilities with a four year maturity consisting of a US$482 million term loan and a US$343 million revolver.
MCI is the leading manufacturer of intercity coaches in the U.S. and Canada.
New Flyer is the leading manufacturer of heavy-duty transit buses in the United States and Canada.
Further information can be found on New Flyer's website.