Navistar Financial Corporation (NFC), an affiliate of Navistar International Corporation (NYSE: NAV), has sold $250 million of wholesale floor plan notes in a two-year 144-A securitized transaction to support its dealer inventory funding.
This transaction originally launched at $200 million and NFC increased it to $250 million based on strong demand. It replaces a $224 million deal from November 2011 that matures this month, after which NFC will have $950 million in total wholesale funding capacity.
“This transaction provides ongoing flexibility in funding wholesale assets to help us support the sale of International® trucks and IC Bus™ brand buses through our industry-leading dealer channel,” said Walter Borst, Navistar executive vice president and chief financial officer.
NFC provides financing programs and services tailored to support Navistar’s dealer and customer equipment financing needs.
“The quality of our portfolio and the strength of our dealer network have earned the ongoing confidence and support of our investors,” said Bill McMenamin, president, NFC. “We are pleased with the very strong investor interest in this offering.”
