LISLE, Ill. — Navistar Financial Corporation (NFC), an affiliate of Navistar, Inc., has completed the sale of $501 million of asset-backed notes in a Rule 144-A transaction. This is NFC's first retail securitization in calendar-year 2012, continuing NFC's initiative to reduce debt costs and build liquidity.
"We are taking advantage of current market conditions to refinance portions of our portfolio to enhance our liquidity, lower interest expense and increase our income potential," said Bill McMenamin, vice president, treasurer and chief financial officer, NFC.
NFC provides financing programs and services tailored to support Navistar's dealer and customer equipment financing needs. NFC will continue to facilitate the majority of customer retail finance needs in the United States through Navistar Capital, the retail financing alliance it formed with GE Capital in 2010.
Navistar International Corporation (NYSE: NAV) 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. The company also provides truck and diesel engine service parts. Additional information is available at www.Navistar.com/newsroom.
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