WARRENVILLE, Ill. (April 21, 2011) - Navistar Financial Corporation (NFC), an affiliate of Navistar International Corporation (NYSE: NAV), has completed the sale of $120 million of asset-backed notes in a privately funded transaction with one of NFC’s relationship banks.
This is NFC’s first retail securitization in calendar-year 2011, continuing NFC’s initiative to reduce debt costs and build liquidity.
“We continue to take advantage of the lower interest rates and more attractive funding structures available under current market conditions,” said David Johanneson, president and CEO of NFC.
Going forward, NFC will continue to facilitate the majority of customer finance needs through Navistar Capital, its retail program formed last year in alliance with GE Capital.
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. Additional information is available at www.Navistar.com/newsroom
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 and depend on a number of factors. For a further description of these factors see Item 1A. Risk Factors of our Form 10-K for the fiscal year ended October 31, 2010, which was filed on December 21, 2010. 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