CNH Industrial Capital, a wholly-owned subsidiary of CNH Industrial, priced $600 million in aggregate principal amount of 4.55% notes due 2028, with an issue price of 98.857%. The offering is expected to close on April 10, subject to the satisfaction of customary closing conditions.
CNH Industrial Capital will add the net proceeds from the offering to its general funds and use them for working capital and other general corporate purposes, including the purchase of receivables or other assets in the ordinary course of business, among other things. The net proceeds may also be applied to repay CNH Industrial Capital’s indebtedness as it becomes due.
The notes will pay interest semi-annually on April 10 and Oct. 10 of each year, beginning on Oct. 10, 2023, and will be guaranteed by CNH Industrial Capital America and New Holland Credit Company, each a wholly-owned subsidiary of CNH Industrial Capital. The notes will mature on April 10, 2028.
Deutsche Bank Securities, Citigroup Global Markets, Goldman Sachs and MUFG Securities Americas are acting as joint book-running managers and the representatives of the underwriters for the offering, and BBVA Securities, Crédit Agricole Securities USA, Mizuho Securities USA and Rabo Securities USA are acting as joint book-running managers for the offering.
