Navistar Announces Completion Of Refinancing Of Its Senior Secured Term Loan

LISLE, Ill., Nov. 6, 2017 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today announced that it has completed the refinancing of Navistar, Inc.'s existing approximately $1.0 billion senior secured term loan which was due to mature in August 2020 with a new $1.6 billion senior secured term loan which is due to mature in November 2024.  The refinancing provides additional liquidity and financial flexibility for the company and provides for an extended maturity of the senior secured term loan facility.

Navistar Logo. (PRNewsFoto/Navistar International Corp.)

The interest rate with respect to the new senior secured term loan is adjusted LIBOR plus a 3.50% margin (with a LIBOR floor of 0.00%) or ABR plus a 2.50% margin (with an ABR floor of 1.00%).

JPMorgan Chase Bank, N.A., Goldman Sachs Lending Partners LLC and Citigroup Global Markets Inc. served as joint lead arrangers.  JPMorgan Chase Bank, N.A. will serve as Administrative Agent and Collateral Agent.

Cautionary Statement Concerning Forward-Looking Statements

Information provided and statements contained in this release that are not purely historical fact are forward-looking statements within the meaning of the federal securities laws.   Such forward-looking statements only speak as of the date of this release and the company assumes no obligation to update the information included in this release other than as required by the federal securities laws.  These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties, and assumptions. For a further description of these factors, see the risk factors set forth in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the fiscal year ended October 31, 2016. Although the company believes that these forward looking statements are based on reasonable assumptions, there are many factors that could affect actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for its ongoing obligations to disclose material information as required by the federal securities laws, the company does not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.

ABOUT INTERNATIONAL

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.