WARRENVILLE, Ill. (August 26, 2009) - Consistent with previous guidance, Navistar Financial Corporation, a wholly owned subsidiary of Navistar International Corporation (NYSE: NAV), today announced that as part of its strategy for refinancing its wholesale portfolio it has signed an agreement for a one-year renewal of a $650 million dealer floor plan funding facility, effective immediately. This conduit-based facility is funded through two of NFC’s major relationship banks.
“This renewal, in conjunction with other initiatives, will fully support our ongoing wholesale business, which helps dealers purchase their floor plan inventory,” said David Johanneson, president and chief executive officer of Navistar Financial. “The credit quality of our portfolio and the health of our dealer network continue to earn the ongoing confidence of our key relationship banks.”
“The completion of this renewal is another important step in our strategy to renew Navistar Financial’s bank facility by year-end,” added Johanneson.
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses, Monaco RV brands of recreational vehicles, and Workhorse® brand chassis for motor homes and step vans. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts. Navistar Financial Corporation provides financial programs and services tailored to satisfy all Navistar’s customer and dealer equipment financing needs. Additional information is available at: www.navistar.com.
Information provided and statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. 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 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. For a further description of these factors, see Item 1A, Risk Factors of our Form 10-K for the fiscal year ended October 31, 2008, which was filed on December 30, 2008 as modified by Item 1A, Risk Factors of our Form 10-Q for the second quarter ended April 30, 2009, which was filed on June 9, 2009 . Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our 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 us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained 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.
Media contact: Roy Wiley 630-753-2627
Investor contact: Heather Kos 630-753-2406
Web site: www.Navistar.com/newsroom