New Flyer Completes Refinancing

Winnipeg-based New Flyer Industries Limited, a leading North American manufacturer of urban transit buses in Canada and the U.S., completed a refinancing of its operations on March 18, 2002. This included the acquisition of a controlling interest in New Flyer by New York-based KPS Special Situations Fund, L.P., an amendment and extension of New Flyer’s bank credits provided by The Bank of Nova Scotia, CIBC and Bank of America Corporation, and a subordinated loan from Manitoba Development Corporation (MDC). The value of the deal is undisclosed.

New Flyer was represented by Aikins, MacAulay & Thorvaldson, with a team that included Jim Ferguson, Bruce Taylor, Timothy Samson, Kevin Bolt, Nigel Thompson, Thor Hansell, Colin Pewarchuk, Robert Sly, Robert Lee and Deborah Mahoney in Winnipeg; and Dorsey & Whitney LLP with a team that included Steve Carlson, Joe Genereux, Gordon Gendler, Katherine Constantine and Tom Manthey in Minneapolis.

KPS was represented by Paul, Weiss, Rifkind, Wharton & Garrison, with a team that included Gaines Gwathmey, Valerie Radwaner, James Schwab, Angelo Bonvino, Michael Levin, Thomas de la Bastide III, David Polgreen and Michael Bertrand in New York; Bruce King, Tom Turner, Scott Ransom, Robert Watchman, David Newman, Adam Herstein and Kim Joss of Pitblado Buchwald Asper in Winnipeg; and Andy Jacobson of Maslon Edelman Borman & Brand LLP in Minneapolis.

The banks were represented by Borden Ladner Gervais LLP, with a team that included Bill Robertson, James Mathers, Craig Hill, Stephen Redican, Jon Dyck and Jeff Ellis in Toronto; Wayne Leslie of Fillmore Riley in Winnipeg; and Michael Stewart and David Clark of Faegre & Benson LLP in Minneapolis. Kathleen Scott of the Manitoba Department of Justice and Norman Snyder of Taylor McCaffrey in Winnipeg represented MDC.