NFI prices C$350 million senior unsecured notes offering

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

WINNIPEG, Manitoba, July 14, 2026 (GLOBE NEWSWIRE) -- (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI” or the “Company”), a leading manufacturer of buses and motorcoaches and a provider of comprehensive aftermarket parts and service solutions, today announced that it has entered into an underwriting agreement to issue and sell C$350 million aggregate principal amount of senior unsecured notes due 2033 of the Company (the “Notes”) in a private placement offering (the “Offering”), at a price of C$1,000 per C$1,000 principal amount of Notes, with an interest rate of 6.625% per annum, payable semi-annually in arrears on January 21 and July 21, commencing on January 21, 2027.

In addition, the Company today announced that it has amended and extended its existing senior revolving credit facilities (the “First Lien Senior Credit Facility”). The First Lien Senior Credit Facility now provides more favorable pricing, increases certain permitted debt baskets and will mature on July 14, 2030, with an uncommitted option to further extend the maturity date.

“The new Notes, along with the amended credit facilities, increase our overall financial flexibility and support the continued execution of our deleveraging strategy," said Brian Dewsnup, Chief Financial Officer, NFI. “We remain focused on maintaining a resilient capital structure that supports our long-term growth and this unsecured financing is an important milestone in advancing those objectives.”

The Offering is expected to close on July 21, 2026, subject to customary closing conditions.

NFI intends to use the net proceeds from the Offering to repay certain indebtedness, including a portion of the amounts outstanding under the First Lien Senior Credit Facility and certain other existing indebtedness, and to pay certain related fees and expenses. NFI intends to redraw amounts under the First Lien Senior Credit Facility in January 2027 in order to repay the outstanding aggregate principal amount of the Company’s existing convertible debentures.

The Notes will be guaranteed by NFI’s subsidiaries that guarantee the Company’s First Lien Senior Credit Facility and the senior secured second lien notes due 2030 issued by a subsidiary of the Company.

The Notes will have a final maturity date of July 21, 2033. On or after July 21, 2029, the Issuer may, on one or more occasions, redeem the Notes, at its option in whole or in part at a redemption price, plus accrued and unpaid interest, of 103.313% during the 12-month period commencing on July 21, 2029, and at 101.656% during the 12-month period commencing on July 21, 2030. The Notes can be redeemed at par, plus accrued and unpaid interest from July 21, 2031 onwards.

The Offering is being made through a syndicate of underwriters led by National Bank of Canada Capital Markets, RBC Capital Markets and TD Securities as Joint Active Bookrunners. BMO Capital Markets, CIBC Capital Markets, and Scotiabank, are acting as Passive Bookrunners, and BofA Securities, ATB Cormark Capital Markets, Canaccord Genuity, and Stifel are Co-Managers.