CNH Industrial’s wholly-owned subsidiary, CNH Industrial Capital, priced $600 million in aggregate principal amount of 1.450% notes due 2026, with an issue price of 99.208%. The offering is expected to close on May 24, 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, 2022, 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 July 15, 2026.
Deutsche Bank Securities, Goldman Sachs, Mizuho Securities and Wells Fargo Securities are acting as joint book-running managers and the representatives of the underwriters for the offering. BBVA Securities, Credit Agricole Securities, Intesa Sanpaolo and NatWest Markets Securities are acting as joint book-running managers for the offering.
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