CNH Industrial’s subsidiary, CNH Industrial Capital priced $500 million in aggregate principal amount of 4.875% notes due 2021, issued at an issue price of 99.447%. The offering is expected to close on March 17.

CNH Industrial Capital plans to 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. 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 1 and October 1 of each year, beginning on October 1, 2016, 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 1, 2021.

J.P. Morgan Securities, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Société Générale and Wells Fargo Securities are acting as the joint book-running managers and underwriters for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on September 11, 2015.

CNH Industrial Capital is an indirect wholly owned subsidiary of CNH Industrial N.V. and is headquartered in Racine, WI. 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. It also provides other related financial products and services to support the sale of agricultural and construction equipment sold by CNH Industrial North America.