WARRENVILLE, Ill., Feb 15, 2010 (BUSINESS WIRE) -- Navistar Financial Corporation (NFC), a wholly owned subsidiary of
Navistar International Corporation (NYSE: NAV), has sold $250
million of wholesale floor plan notes in a two-year 144-A transaction to
support its dealer inventory funding.
This is NFC's first asset sale of calendar-year 2010, and it brings
NFC's total wholesale capacity to $1.1 billion when combined with
previously issued public and private funding. NFC initially sought $200
million and increased the amount to $250 million due to strong demand.
"This deal provides competitively priced long-term funding to support
Navistar's dealers, and it further diversifies our funding sources by
broadening our investor base and maturity structure," said David
Johanneson, president and chief executive officer of NFC. "As the
economic recovery continues, we continue to seek the most cost-effective
financing solutions for our dealers and customers to support the
profitable growth of Navistar."
The deal is eligible for funding under the U.S. Federal Reserve's TALF
(Term Asset-Backed Securities Loan Facility) program, which offers loans
to investors to support the purchase of asset-backed securities.
Navistar International Corporation is a holding company whose
subsidiaries and affiliates produce International(R) brand commercial and
military trucks, MaxxForce(R) brand diesel engines, IC Bus(TM) brand school
and commercial buses, Monaco RV brands of recreational vehicles, and
Workhorse(R) brand chassis for motor homes and step vans. It also is a
private-label designer and manufacturer of diesel engines for the pickup
truck, van and SUV markets. The company also provides truck and diesel
engine service parts. Navistar Financial Corporation provides financial
programs and services tailored to satisfy all Navistar's customer and
dealer equipment financing needs. Additional information is available at www.Navistar.com/newsroom.
Forward-Looking Statement
Information provided and statements contained in this report that are
not purely historical are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, Section 21E of
the Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements only speak as of the date of this report and the company
assumes no obligation to update the information included in this report.
Such forward-looking statements include information concerning our
possible or assumed future results of operations, including descriptions
of our business strategy. These statements often include words such as
"believe," "expect," "anticipate," "intend," "plan," "estimate," or
similar expressions. These statements are not guarantees of performance
or results and they involve risks, uncertainties, and assumptions. For a
further description of these factors, see Item 1A, Risk Factors of our
Form 10-K for the fiscal year ended October 31, 2009, which was filed on
December 21, 2009. Although we believe that these forward-looking
statements are based on reasonable assumptions, there are many factors
that could affect our actual financial results or results of operations
and could cause actual results to differ materially from those in the
forward-looking statements. All future written and oral forward-looking
statements by us or persons acting on our behalf are expressly qualified
in their entirety by the cautionary statements contained or referred to
above. Except for our ongoing obligations to disclose material
information as required by the federal securities laws, we do not have
any obligations or intention to release publicly any revisions to any
forward-looking statements to reflect events or circumstances in the
future or to reflect the occurrence of unanticipated events.
SOURCE: Navistar International Corporation
Navistar International Corporation
Media contact: Roy Wiley, 630-753-2627
Investor contact: Heather Kos, 630-753-2406
Web site: www.Navistar.com/newsroom
Copyright Business Wire 2010