LISLE, Ill., Nov. 7, 2014 /PRNewswire/ -- A subsidiary of Navistar Financial Corporation (NFC) has sold $250 million of wholesale floor plan notes in a two-year 144-A securitized transaction to support International® Truck and IC Bus™ dealer inventory funding. It will replace a $200 million deal from February 2012 that matures in January 2015, after which NFC will have $1 billion in total wholesale funding capacity.
The new transaction was launched at a larger size to ensure adequate liquidity to support the company's growing wholesale portfolio as dealers continue to purchase additional trucks and buses in support of increased customer demand.
"This transaction provides ongoing flexibility in funding wholesale assets to help us support the sale of our truck and bus products through one of the largest and strongest dealer channels in the industry," said Walter Borst, Navistar executive vice president and chief financial officer. "This action allows us to fund a greater percentage of floor plan balances for some of our larger dealers, improving the effectiveness of our wholesale financing platform."
NFC, an affiliate of Navistar International Corporation (NYSE: NAV), provides financing programs and services tailored to support equipment financing needs for International Truck and IC Bus dealers and customers.
"We are pleased with the very strong investor interest as well as the pricing and execution of this offering," Borst added. "The quality of our portfolio and the strength of our dealer network have earned the ongoing confidence and support of our investors."
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, and IC Bus™ brand school and commercial buses. An affiliate also provides truck and diesel engine service parts. Another affiliate offers financing services. The International® ProStar® with Cummins ISX15 and International® TerraStar® 4x4 were named 2014 heavy-duty and medium-duty commercial truck of the year, respectively, by the American Truck Dealers (ATD) association. Additional information is available at www.Navistar.com.
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SOURCE Navistar International Corporation