February 22, 2011

Coach America, lenders enter amended, restated credit facility

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.”

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