WARRENVILLE, Ill. (October 9, 2008) - Navistar International Corporation (NYSE: NAV) announced today that its wholly owned finance subsidiary, Navistar Financial Corporation, consistent with previous guidance, has reached agreement with its bank counterparties on the key terms and conditions for an early renewal of its $800 million dealer floor plan funding facility that matures in early December, 2008. Both bank counterparties have received credit committee approval to proceed with the early renewal. Subject to rating agency review, NFC expects to close the transaction within the next two weeks.
Terry Endsley, Navistar executive vice president and chief financial officer said, “Early renewal of this key source of dealer floor plan funding capacity is very important to our strategy, particularly in this difficult financial environment. This renewal will ensure that our dealers continue to have access to the funding necessary to floor plan their truck inventory.”
Navistar Financial Corporation provides financial programs and services tailored to satisfy all Navistar’s customer and dealer equipment-financing needs. Beyond the company’s dealer channel, Navistar Financial also furnishes financing for major trailer manufacturers and their distributors. Additional information is available at: www.navistar.com.
Media Contact: Roy Wiley, 630-753-2627
Investor Contact: Heather Kos, 630-753-2406
Web site: www.navistar.com/newsroom