Navistar Financial Closes Sale of $120 Million of Asset-Backed Notes
WARRENVILLE, IL--April 21, 2011: Navistar Financial Corporation (NFC), an affiliate of Navistar International Corporation , has completed the sale of $120 million of asset-backed notes in a privately funded transaction with one of NFC's relationship banks.
“We continue to take advantage of the lower interest rates and more attractive funding structures available under current market conditions”
This is NFC's first retail securitization in calendar-year 2011, continuing NFC's initiative to reduce debt costs and build liquidity.
"We continue to take advantage of the lower interest rates and more attractive funding structures available under current market conditions," said David Johanneson, president and CEO of NFC.
Going forward, NFC will continue to facilitate the majority of customer finance needs through Navistar Capital, its retail program formed last year in alliance with GE Capital.
Navistar International Corporation is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, MaxxForce brand diesel engines, IC Bus brand school and commercial buses, Monaco RV brands of recreational vehicles and Workhorse brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts.