LISLE, Ill., May 30, 2014 /PRNewswire/ -- Navistar Financial Corporation (NFC), an affiliate of Navistar International Corporation (NYSE: NAV), announced today that it has completed a $100 million trade receivables securitization program. The liquidity is provided by one of NFC's relationship banks. The securitization program will provide NFC with cash proceeds of up to $100 million through the on-going sale of its fleet receivables previously purchased from Navistar.
"This transaction enhances Navistar's financial flexibility by providing an additional source of funding for NFC's operations," said Walter Borst, Navistar executive vice president and chief financial officer. "Consistent with improvements in capital markets, NFC has executed a number of successful transactions in recent months that will help reduce debt costs, enhance liquidity and improve working capital."
NFC provides financial programs and services tailored to satisfy Navistar's dealer and customer equipment financing needs.
About Navistar International Corporation
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand 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. The International® ProStar® with Cummins ISX15 and International® TerraStar® 4x4 were named 2014 heavy-duty and medium-duty commercial truck of the year, respectively, by the American Truck Dealers (ATD) association.
Additional information is available at www.Navistar.com.
SOURCE Navistar Financial Corporation
For further information: Media contact: Steve Schrier, 331-332-2264, or Investor contact: Heather Kos, 331-332-2406, Web site: www.Navistar.com/newsroom