CNH Industrial Capital completed its previously announced offering of $500 million in aggregate principal amount of 5.5% notes due 2029, with an issue price of 99.399%.
The net proceeds of this offering were approximately $493 million after payment of offering and other related expenses. CNH Industrial Capital intends to add the net proceeds from the offering to its general funds and use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business. The net proceeds may also be applied to repay CNH Industrial Capital’s indebtedness as it becomes due.
The notes, which are senior unsecured obligations of CNH Industrial Capital, will pay interest semi-annually on Jan. 12 and July 12 of each year, beginning on Jan. 12, 2024, and will be guaranteed by CNH Industrial Capital America and New Holland Credit Company, which are each wholly-owned subsidiaries of CNH Industrial Capital. The notes will mature on Jan.12, 2029.
RBC Capital Markets, J.P. Morgan Securities, Santander U.S. Capital Markets and Wells Fargo Securities are acting as joint book-running managers and the representatives of the underwriters for the offering, and Intesa Sanpaolo IMI Securities, NatWest Markets Securities, SG Americas Securities and UniCredit Capital Markets are acting as joint book-running managers for the offering.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!