Business

Navistar Financial sells $501 million in asset-backed notes

Posted July 13, 2012 9:33 am

PRnewswire

Lisle-based Navistar Financial Corp., an affiliate of Navistar, Inc., has completed the sale of $501 million of asset-backed notes as part of the company’s initiative to reduce debt costs and build liquidity.

“We are taking advantage of current market conditions to refinance portions of our portfolio to enhance our liquidity, lower interest expense and increase our income potential,” said Bill McMenamin, vice president, treasurer and chief financial officer, NFC.

NFC provides financing programs and services tailored to support Navistar’s dealer and customer equipment financing needs. NFC will continue to facilitate the majority of customer retail finance needs in the United States through Navistar Capital, the retail financing alliance it formed with GE Capital in 2010.

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