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

Ohio's Cardinal Transportation adds 2 Van Hool TX45s

Both new 56 passenger Van Hool TX45s are equipped with Detroit Diesel DD13, 450 HP engines and Allison B500 (Gen5) six-speed automatic transmissions, and feature Amaya A2TEN leather seats with fabric inserts and three-point seat belts.

ABA, UMA first joint Congressional 'Fly-in' a success

Overall, 116 members from both organizations met with more than 150 congressional offices.

Europe's FlixBus inaugurates 1st 100% electric long-distance bus line

Company is also planning to expand to the U.S. as FlixBus USA.

Trailways honors 'Outstanding Motorcoach Drivers of the Year'

The awardees were from Alabama, Maryland and New York.

Bus crash kills 15 Canadian junior hockey players

Police said it was too early to discuss the cause of the crash, and that an investigation was underway.

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