Navistar Financial Renews And Increases Dealer Inventory Funding Facility To $750 Million Strong Portfolio Quality and Dealer Network Earn Lender Trust
LISLE, Ill., Aug. 30, 2012 /PRNewswire/ -- Navistar Financial Corporation (NFC), an affiliate of Navistar, Inc., has signed agreements to renew and increase its largest dealer inventory funding facility to $750 million, effective immediately. The facility is funded through three of NFC's major relationship banks.
"We continue to have strong access to capital to support Navistar's growth," said Phyllis Cochran, President and Chief Executive Officer, NFC. "The quality of our portfolio and strength of our dealer network have earned the ongoing confidence and support of our relationship banks."
The one-year renewal includes an increase of $250 million over the prior year, in anticipation of the maturity of a $350 million debt issuance in October.
"The increase allows us greater flexibility in funding wholesale assets," said Bill McMenamin, Vice President, Treasurer and Chief Financial Officer, NFC. "This deal aligns well with our long-term strategy by helping us support our dealer network and the sale of Navistar products."
NFC provides financing programs and services tailored to support Navistar's dealer and customer equipment financing needs.
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