LISLE, Ill., May 30, 2014 /PRNewswire/ -- Navistar Financial Corporation (NFC), an affiliate of Navistar International Corporation (NYSE: NAV), announced today that it has completed a $100 million trade receivables securitization program. The liquidity is provided by one of NFC's relationship banks. The securitization program will provide NFC with cash proceeds of up to $100 million through the on-going sale of its fleet receivables previously purchased from Navistar.
"This transaction enhances Navistar's financial flexibility by providing an additional source of funding for NFC's operations," said Walter Borst, Navistar executive vice president and chief financial officer. "Consistent with improvements in capital markets, NFC has executed a number of successful transactions in recent months that will help reduce debt costs, enhance liquidity and improve working capital."
NFC provides financial programs and services tailored to satisfy Navistar's dealer and customer equipment financing needs.
Based in Lisle, Illinois, International Motors, LLC* creates solutions that deliver greater uptime and productivity to our customers throughout the full operation of our commercial vehicles. We build International® trucks and engines and IC Bus® school and commercial buses that are as tough and as smart as the people who drive them. We also develop Fleetrite®aftermarket parts. In everything we do, our vision is to accelerate the impact of sustainable mobility to create the cleaner, safer world we all deserve. As of 2021, we joined Scania, MAN and Volkswagen Truck & Bus in TRATON GROUP, a global champion of the truck and transport services industry. To learn more, visit www.International.com.
Media contact:
Nick Smith
nick.smith@navistar.com
480-398-6511
Investor contact:
Marvin Kalberlah
marvin.kalberlah@navistar.com
630-432-5179
*International Motors, LLC is d/b/a International Motors USA LLC in Illinois, Missouri, New Jersey, Ohio, Texas, and Utah.