Navistar International Corp.’s (NYSE: NAV) financial affiliate has raised $224 million to support its dealer inventory funding by selling wholesale floor plan notes in a two-year 144-A transaction.
The company said the offering will raise Navistar Financial Corp.’s total wholesale funding to $1.1 billion in January 2012 when a current $250 million deal matures.
“This deal provides competitively priced funding to support Navistar’s dealers, and it further diversifies our funding sources by broadening our investor base and maturity structure, ” said David Johanneson, president and chief executive officer of Navistar Financial Corp. “As the economic recovery continues, we continue to seek the most cost-effective financing solutions for our dealers and customers to support the profitable growth of Navistar.”
