Motorcoach

Coach America, lenders enter amended, restated credit facility

Posted on February 22, 2011

Coach America, the largest tour and charter bus operator and the second largest motorcoach services provider in the U.S., entered into an amended and restated senior secured credit facility with its lenders. The amended facility resets the applicable leverage ratio test, modifies certain other terms of the facility and provides the company with additional operating flexibility in the future.

Concurrent with the amendment, Coach America also announced an additional $25 million equity investment from the company’s shareholders and the conversion of $24.5 million of second lien debt held by an affiliate of the company’s shareholders into common equity.

 “We are pleased to have completed the amended and restated credit facility and secured the additional investment from our shareholders," said Coach America's President/CEO George Maney. "This process and investment match up our debt financing with our business plan and give us important operating flexibility to continue to grow our franchise and serve our customers.”

Gregg Smart, managing director of Fenway Partners, Coach America’s largest shareholder, stated: “This new investment and debt-to equity conversion together represent almost $50 million of equity investment, and reflect our continuing belief that there is significant potential for revenue and earnings growth. We are pleased that we have crossed this watershed and management looks forward to continuing to serve Coach America’s customers.”

View comments or post a comment on this story. (0 Comments)

More News

Prevost delivers X3-45, names new director, pre-owned coach sales

Capitol Tours recently marked 30 years of partnering with Prevost, by adding a brand new X3-45 motorcoach, bringing their total number of Prevost coaches to eight.

ABC Companies restructuring, investing in expansion for long-term growth

The enterprise‐wide strategy includes plans to enhance and expand operations to effectively impact all major business areas, as well as the restructure of key management teams.

Man who beheaded fellow Greyhound passenger granted full release

Will Baker, formerly known as Vince Li, a diagnosed schizophrenic, was found not criminally responsible for the 2008 incident in Manitoba, due to mental illness, but was subject to being monitored. 

Wynne takes delivery of 4 Van Hool CX45s

Company offers services ranging from airport transfer, executive transportation, worldwide events, and meeting planning to motorcoach charters throughout the U.S.

Trans-Bridge Lines receives highest DOT rating, adds new coaches

The company recently added six 2017 Motor Coach Industries (MCI) J4500 buses to its fleet during the first week of January.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close