Navistar Financial Corporation and ABN AMRO Complete $443 Million Private Conduit Transaction
SCHAUMBURG, Ill.--Sept. 11, 2006--| Improves ability to finance customers |
Navistar Financial Corporation (NFC), a wholly owned finance subsidiary of International Truck and Engine Corporation, the operating company of Navistar International Corporation , announced today that it has successfully finalized a $443 million sale of its retail note finance receivables to an asset-backed commercial paper conduit administered by ABN AMRO Bank N.V., parent of LaSalle Bank, a relationship bank that also participates in NFC's $1.2 billion revolving credit agreement. The deal represents NFC's second conduit transaction in 2006, the first of which was an $808 million transaction funded by an asset-backed commercial paper conduit administered by another important relationship bank, Bank of America, National Association, in April.
With retail note finance acquisitions up slightly over 2005, Navistar Financial has maintained its ability to finance customers' purchases of International trucks. "The fundamentals of our business continue to be strong," said Pamela J. Turbeville, chief executive officer for NFC. "These transactions reflect the continued excellent credit quality of our retail note portfolio, strength of our business and support of our relationship banks."
About Navistar Financial Corporation
Navistar Financial Corporation is a wholly owned finance subsidiary of International Truck and Engine Corporation, the operating company of Navistar International Corporation . Navistar Financial provides financing options combined with dependable, consistent service and knowledge to satisfy all International's customer and dealer equipment financing needs. The operating company produces International(R) brand commercial trucks, mid-range diesel engines and IC brand school buses, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. Additional Navistar Financial information is available at www.navistarfinancialonline.com.
About Navistar
Navistar International Corporation is the parent company of International Truck and Engine Corporation. The company produces International(R) brand commercial trucks, mid-range diesel engines and IC brand school buses, Workhorse brand chassis for motor homes and step vans, and is a private label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. Navistar is also a provider of truck and diesel engine parts and service sold under the International(R) brand. A wholly owned subsidiary offers financing services. Additional information is available at: www.nav-international.com.
Forward Looking Statements
Information provided and statements contained in the presentation that are not purely historical are forward -looking statements. Such forward-looking statements only speak as of the date of the presentation and the company assumes no obligation to update the information included in the presentation. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of our business strategy. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate" or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties and assumptions , including the risk of continued delay in the completion of our financial statements and the consequences thereof, the availability of funds, either through cash on hand or the company's other liquidity sources, to repay any amounts due should any of the company's debt become accelerated, and decisions by suppliers and other vendors to restrict or eliminate customary trade and other credit terms for the company's future orders and other services, which would require the company to pay cash and which could have a material adverse effect on the company's liquidity position and financial condition. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. For a further description of these factors, see Exhibit 99.1 to our Form 8-K filed on April 12, 2006.