LISLE, Ill., Jan. 13, 2017 /PRNewswire/ -- Navistar
International Corporation (NYSE: NAV) today announced the pricing
of its public offering of $250
million of its 8.25% senior notes due 2021 (the "notes") at
an issue price of 100.0% of the aggregate principal amount of the
notes. The offering was upsized to $250
million from the previously announced offering size of
$200 million. Closing of the offering
is expected to occur on January 18,
2017, subject to customary closing conditions. Purchasers of
the notes will pay accrued interest from November 1, 2016 to, but excluding, the closing
date. The notes will be issued as additional notes under the
indenture pursuant to which the company previously issued
$1.3 billion aggregate principal
amount of 8.25% senior notes due 2021 (the "existing senior
notes"), of which $1.2 billion
remains outstanding. The notes will be treated together with the
existing senior notes as a single series of debt securities and
will have the same terms as and be fungible with the existing
senior notes. The company expects to use the net proceeds of the
offering for general corporate purposes, including working capital
and capital expenditures. BofA Merrill Lynch, Goldman, Sachs &
Co. and J.P. Morgan Securities LLC are acting as joint book-running
managers for the offering.
The notes are being offered pursuant to a shelf registration
statement filed with the Securities and Exchange Commission (the
"SEC") on September 22, 2016 and
subsequently declared effective by the SEC on October 5, 2016. A preliminary prospectus
supplement and the accompanying prospectus relating to the notes
have been filed with the SEC and are available on the SEC's website
at http://www.sec.gov. Copies of the preliminary prospectus
supplement and the accompanying prospectus relating to the notes
may also be obtained from BofA Merrill Lynch at Attention:
Prospectus Department, One Bryant
Park, New York, NY 10036
(1-800-294-1322 or dg.prospectus_distribution@bofasecurities.com);
Goldman, Sachs & Co., Prospectus Department, 200 West St.,
New York, NY 10282, by calling
(866) 471-2526, or e-mail: Prospectus-ny@gs.com; or J.P. Morgan
Securities LLC, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717,
or by calling (866) 803-9204.
This press release is for informational purposes only and shall
not constitute an offer to sell, or the solicitation of an offer to
buy, the notes, nor shall there be any sale of the notes in any
state or jurisdiction in which such offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Navistar
Navistar International Corporation is a holding company whose
subsidiaries and affiliates produce International® brand
commercial and military trucks, proprietary diesel engines, and IC
Bus™ brand school and commercial buses. An affiliate
also provides truck and diesel engine service parts. Another
affiliate offers financing services.
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 report
and the company assumes no obligation to update the information
included in this release other than as required by the federal
securities laws. Such forward-looking statements include
those regarding the proposed offering of the securities and the
anticipated use of proceeds therefrom. 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
prospectus supplement and the accompanying prospectus related to
the notes and 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.
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SOURCE Navistar International Corporation