CNH Industrial Capital, a wholly-owned subsidiary of CNH Industrial, priced $500 million in aggregate principal amount of 3.95% notes due 2025, with an issue price of 99.469%. The offering is expected to close today, 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 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 May 23 and Nov. 23 of each year, beginning this Nov. 23, 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 May 23, 2025.
Citigroup Global Markets, Deutsche Bank Securities, Goldman Sachs and SG Americas Securities are acting as joint bookrunning managers and the representatives of the underwriters for the offering, and BBVA Securities, Intesa Sanpaolo, Natixis Securities Americas and UniCredit Capital Markets are acting as joint bookrunning managers for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the SEC on March 14.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!