LISLE, Ill., Aug. 22, 2012 /PRNewswire/ -- Navistar Financial, S.A. de C.V., SOFOM, E.N.R. (NFCx), an affiliate of Navistar Financial Corporation (NFC) and Navistar, Inc., has signed a five-year agreement with Banco Nacional de Comercio Exterior, S.N.C. (Bancomext) for a US$95 million funding facility.
This facility will be used to support trade receivables for the sale of Navistar trucks and buses manufactured in Mexico and exported to Latin America, providing liquidity to Navistar and supporting growing global sales.
"Our new relationship with Bancomext reflects their long-term confidence in Navistar's products and growth potential," said Phyllis Cochran, President and Chief Executive Officer, NFC. "We aim to support Navistar's growth with strong, cost-effective financing solutions, and we are pleased to diversify our funding sources with Bancomext."
NFC provides financing programs and services tailored to support Navistar's dealer and customer equipment financing needs. This deal represents Navistar's first line of credit with Bancomext, and one of NFCx's largest financing facilities in Mexico.
"Bancomext recognizes that our transportation financing expertise enables us to maintain strong portfolio performance across all market conditions," said Jose Chacon, President, NFCx. "We look forward to working with Bancomext to support the continued growth of Navistar in and beyond Mexico."
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, Navistar 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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SOURCE Navistar International Corporation