Navistar International completed the refinancing of Navistar’s existing approximately $1.0 billion senior secured term loan, which was due to mature in August 2020, with a new $1.6 billion senior secured term loan which is due to mature in November 2024.
The refinancing provides additional liquidity and financial flexibility for the company and provides for an extended maturity of the senior secured term loan facility. The interest rate with respect to the new senior secured term loan is adjusted LIBOR plus a 3.50% margin (with a LIBOR floor of 0.00%) or ABR plus a 2.50% margin (with an ABR floor of 1.00%).
JPMorgan Chase Bank, Goldman Sachs Lending Partners and Citigroup Global Markets served as joint lead arrangers. JPMorgan Chase Bank will serve as administrative agent and collateral agent.
Navistar International is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, proprietary diesel engines and IC Bus brand school and commercial buses.
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