Pricing of CNH Industrial Capital LLC $600 million notes
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, has priced $600 million in aggregate principal amount of 1.950% notes due 2023, with an issue price of 99.370%. The offering is expected to close on July 2, 2020, subject to the satisfaction of customary closing conditions.
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 are acting 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 are acting as joint book-running managers for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on March 15, 2019. Copies of the preliminary 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: 866-803-9204; NatWest Markets Securities Inc., 600 Washington Boulevard, Stamford, CT 06901, Attn: NatWest Markets Syndicate Desk, Telephone: (203)-897-6166, Email: SyndicateAmericas@natwestmarkets.com; Société Générale, 245 Park Avenue, New York, NY 10167, Attn: Syndicate Desk GLBA/SYN/CAP/BND, Telephone: (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: email@example.com. Copies of the preliminary 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, June 23, 2020
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