LISLE, Ill., Nov. 22, 2016 /PRNewswire/ -- Navistar
Financial Corporation (NFC) announced today that it amended and
extended the variable funding notes facility (VFN) to November 18, 2017. The VFN facility was also
reduced from $500 million to
$450 million.
"NFC continues to be supported by our relationship banks. Our
$50 million reduction in this
facility is really a reflection of the strong reception our
previously announced $300 million
term wholesale securitization had in the market," said Bill McMenamin, President, NFC. "That facility
was upsized from $250 million to $300
million and replaced a $250
million transaction maturing, making this $50 million reduction possible and
appropriate."
NFC, an affiliate of Navistar International Corporation (NYSE:
NAV), provides financing programs and services tailored to support
equipment financing needs for International Truck and IC Bus
dealers and customers.
About Navistar
Navistar International Corporation
(NYSE: NAV) 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. Additional information is available at
www.Navistar.com.
Forward Looking Statements
Information
provided and statements contained in this report that are not
purely historical 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 Navistar International
Corporation assumes no obligation to update the information
included in this report. Such forward-looking statements include
information concerning our possible or assumed future results of
operations, including descriptions of our business strategy. 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, including the
adequacy of liquidity to support Navistar Financial Corporation's
wholesale portfolio. For a further description of these factors,
see the risk factors set forth in our filings with the Securities
and Exchange Commission, including our annual report on Form 10-K
for the fiscal year ended October 31,
2015 and our quarterly report on Form 10-Q for the period
ended July 31, 2016. Although we
believe that these forward-looking statements are based on
reasonable assumptions, there are many factors that could affect
our 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 us or persons acting
on our behalf are expressly qualified in their entirety by the
cautionary statements contained herein or referred to above. Except
for our ongoing obligations to disclose material information as
required by the federal securities laws, we do 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