CNH Industrial Capital Prices $500MM Notes

CNH Industrial’s wholly owned subsidiary, CNH Industrial Capital, priced $500 million in aggregate principal amount of 1.875% notes due 2026, with an issue price of 99.761%. The offering is expected to close on Oct. 6, 2020, subject to the satisfaction of customary closing conditions.

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 also may 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. 15 and July 15 of each year, beginning on Jan. 15, 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 Jan. 15, 2026.

Citigroup Global Markets, Barclays Capital, Morgan Stanley and RBC Capital Markets are acting as joint book-running managers and the representatives of the underwriters for the offering, and Deutsche Bank Securities, BBVA Securities, Goldman Sachs and MUFG Securities Americas are acting as joint book-running managers for the offering.

As a captive finance company, the primary business of CNH Industrial Capital and its subsidiaries is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America and CNH Industrial Canada (collectively, CNH Industrial North America) and to provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH Industrial North America.

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