CNH Industrial Capital, a wholly-owned subsidiary of CNH Industrial, completed its previously announced offering of $400 million in aggregate principal amount of 5.45% notes due 2025, with an issue price of 99.349%.
The net proceeds of this offering were approximately $395 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 and/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 April 14 and Oct. 14 of each year, beginning on April 14, 2023, 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 Oct. 14, 2025.
BofA Securities, J.P. Morgan Securities, Morgan Stanley and RBC Capital Markets are acting as joint book-running managers and the representatives of the underwriters for the offering, and BNP Paribas Securities, CIBC World Markets and Wells Fargo Securities are acting as joint book-running managers for the offering.
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