CNH Industrial’s wholly owned subsidiary, CNH Industrial Capital, completed its previously announced offering of $600 million in aggregate principal amount of 1.950% notes due 2023, with an issue price of 99.370%.
The net proceeds of this offering were approximately $593 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. 2 and July 2 of each year, beginning on Jan. 2, 2021, 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 July 2, 2023.
J.P. Morgan Securities, NatWest Markets Securities, Société Générale and Wells Fargo Securities acted as joint book-running managers and the representatives of the underwriters for the offering, and Banca IMI, Credit Agricole Securities (USA) and UniCredit Capital Markets acted as joint book-running managers for the offering. The offering was made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.
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