New Flyer Industries

On March 18, EDC committed up to USD 40 million to participate in a USD 180 million dollar renewal of a syndicated facility for New Flyer Industries. Winnipeg-based New Flyer manufactures heavy-duty transit buses, including drive systems powered by clean diesel and energy-efficient gasoline-electric and diesel-electric hybrid vehicles. The syndicate of lenders included the Bank of Nova Scotia and the Bank of Montreal.  EDC News Release

This was EDC’s first financing commitment under its new enhanced mandate to support domestic trade to help increase access to credit for Canadian companies. It shows how EDC can complement the private sector to enhance capacity for domestic transactions that are creditworthy and supported by a viable business model, but for which companies are having a difficult time finding credit. [New Flyer] management believes this refinancing is a testament to the strength of the Company’s current and projected financial performance and the positive growth outlook for the business. New Flyer News Release