Mr. Stephen King reports

NFI ANNOUNCES THE LAUNCH OF OFFERING OF $600 MILLION SECOND LIEN NOTES

NFI Group Inc.'s subsidiary, New Flyer Holdings Inc., intends to offer, subject to market conditions, $600-million in aggregate principal amount of second lien senior secured notes in a private offering. All dollar amounts are expressed in U.S. dollars.

NFI intends to use the net proceeds from the offering of the notes to repay certain indebtedness under the company's existing credit facilities, including a portion of the amounts outstanding under the first lien senior credit facility (defined below), its existing $180-million second lien credit facility and certain other existing indebtedness, and to pay certain related fees and expenses.

The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior second lien basis by NFI and subsidiaries of NFI that guarantee the company's first lien senior credit facility. The interest rate and other terms of the notes are expected to be determined based on prevailing market conditions.

Upon the completion of the note offering, the company's existing first lien senior credit facility will be automatically extended to May 7, 2029, and the maximum commitments under it will be reduced to $700-million, which includes $300-million in letter of credit availability. The first lien senior credit facility will be available to be drawn on a revolving basis for general corporate purposes. The minimum liquidity covenant of $50-million under the first lien senior credit facility will no longer apply and certain additional enhancements will become operative.

About NFI Group Inc.

Leveraging 450 years of combined experience, NFI offers a wide range of propulsion agnostic bus and coach platforms, including market-leading electric models. Through its low- and zero-emission buses and coaches, infrastructure, and technology, NFI meets today's urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean and sustainable transportation.

With nearly 9,000 team members in 10 countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer (heavy-duty transit buses), MCI (motorcoaches), Alexander Dennis Ltd. (single- and double-deck buses), Plaxton (motorcoaches), Arboc (low-floor cutaway and medium-duty buses) and NFI Parts. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery and fuel cell), natural gas, electric hybrid and clean diesel. In total, NFI supports its installed base of over 100,000 buses and coaches around the world. NFI's common shares trade on the Toronto Stock Exchange under the symbol NFI and its convertible unsecured debentures trade on the TSX under the symbol NFI.DB.

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