LISLE, Ill. — Navistar International Corp. (NYSE: NAV) announced that the company has repaid in full its 4.5 percent Senior Subordinated Convertible Notes issued in October 2013. The repayment of the outstanding principal of $200 million at maturity on October 15, 2018, was funded with cash on hand.
FORT VALLEY, Ga. — Blue Bird Corp. (NASDAQ: BLBD) announced today that it is commencing a tender offer to purchase up to $50 million in aggregate value of shares of its (i) common stock at a price of $28.00 per share, and (ii) 7.625% Series A Convertible Cumulative Preferred Stock, at a price of $241.69 per share, which is equal to the common stock offer price multiplied by 8.6318.
School districts across the country are feeling the pressure to pinch their pennies, as programs supported by government funding are expected to experience continued financial pressure.
LISLE, Ill. — Navistar International Corp. (NYSE: NAV) today announced that Christian Schulz has been named to its board of directors, effective immediately. Schulz, 41, replaces Matthias Gründler, who previously resigned from the Navistar board after serving more than a year as a director. Schulz has been appointed to the board’s finance committee.
COLUMBUS, Ind. — Cummins, Inc. (NYSE:CMI) today announced that it has entered into an accelerated share repurchase (ASR) agreement with Goldman, Sachs & Co. LLC. (GS&Co.) to repurchase $500 million of Cummins’ common stock. Today’s ASR is part of Cummins’ previously announced share repurchase plans authorized by the Board of Directors and is consistent with the company’s plans to return 75 percent of Operating Cash Flow to shareholders in 2018.
CHARLESTON, S.C. — Industry-leading Fleet Management Company announced today that it has added a new capital program for school districts and transportation contractors to buy back aging fleets and replace them with new vehicles. The company says this may be a great opportunity for cash flow-focused contractors and budget-restricted school districts, to use leasing and financing solutions that can be customized to fit their student transportation program’s unique needs and circumstances.