Closing of $600 million notes of CNH Industrial Capital LLC
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, has completed its previously announced offering of $600 million in aggregate principal amount of 1.950% notes due 2023, with an issue price of 99.370%.
The net proceeds of this offering were approximately $593 million after payment of offering and other related expenses. CNH Industrial Capital LLC 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 may also be applied to repay CNH Industrial Capital LLC’s indebtedness as it becomes due.
The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will pay interest semi-annually on January 2 and July 2 of each year, beginning on January 2, 2021, and will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each a wholly owned subsidiary of CNH Industrial Capital LLC. The notes will mature on July 2, 2023.
J.P. Morgan Securities LLC, NatWest Markets Securities Inc., Société Générale and Wells Fargo Securities, LLC acted as joint book-running managers and the representatives of the underwriters for the offering, and Banca IMI S.p.A., Credit Agricole Securities (USA) Inc. and UniCredit Capital Markets LLC acted as joint book-running managers for the offering. The offering was made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on March 15, 2019. Copies of the prospectus supplement and prospectus for the offering may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-866-803-9204; NatWest Markets Securities Inc., 600 Washington Boulevard, Stamford, CT 06901, Attn: NatWest Markets Syndicate Desk, Telephone: 1-203-897-6166, Email: SyndicateAmericas@natwestmarkets.com; Société Générale, 245 Park Avenue, New York, NY 10167, Attn: Syndicate Desk GLBA/SYN/CAP/BND, Telephone: 1-855-881-2108, Email: LON-GLFI-SYN-CAP@sgcib.com; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Telephone: 1-800-645-3751, Email: firstname.lastname@example.org. Copies of the prospectus supplement and the accompanying prospectus for the offering are also available on the website of the U.S. Securities and Exchange Commission at http://www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
London, July 2, 2020
Media RelationsMedia RelationsUnited Kingdommediarelations@cnhind.com0044 207 7660 346
MORE FROM CNH INDUSTRIAL CORPORATE
With all plants and depots up and running by the end of the second quarter, CNH Industrial reported consolidated revenues of $5.6 billion, net income of $361 million and adjusted net loss of $85 million. Net debt of Industrial Activities at $2.3 billion, with positive free cash flow of $97 million helped by end-demand resuming in most markets and the Company’s cost reduction and cash preservation measures. CNH Industrial ended the quarter with strong available liquidity of $11.5 billion
CNH Industrial received a 2020 MSCI ESG Rating of AAA for the seventh consecutive year and is included in MSCI ESG Leaders Indexes
The renaissance of industrial hemp in North America: How New Holland supports an evolving industry. The latest Top Story available on CNHIndustrial.com