Closing of $600 million notes of CNH Industrial Capital LLC

Rhea-AI Summary

On April 10, 2023, CNH Industrial announced the successful completion of a $600 million offering of 4.550% notes due 2028. The offering's net proceeds totaled approximately $588 million, intended for corporate purposes including working capital and debt repayment. The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will generate interest payments semi-annually starting October 10, 2023. The maturity date for the notes is April 10, 2028. Major banks such as Deutsche Bank and Citigroup served as joint book-running managers for the offering, which was made under an effective shelf registration statement filed previously in March 2022. The offering supports CNH Industrial's financial strategy by providing liquidity for operational needs and potential debt reduction.

Positive

• Successful completion of $600 million bond offering strengthens liquidity.
• Net proceeds of approximately $588 million will support working capital and debt repayment.

Negative

• None.

London, April 10, 2023

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, has completed its previously announced offering of $600 million in aggregate principal amount of 4.550% notes due 2028, with an issue price of 98.857%.

The net proceeds of this offering were approximately $588 million after payment of offering and other related expenses. CNH Industrial Capital LLC intends to add the net proceeds from the offering to its general funds and use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business. The net proceeds may also be applied to repay CNH Industrial Capital LLC’s indebtedness as it becomes due.

The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will pay interest semi-annually on April 10 and October 10 of each year, beginning on October 10, 2023, and will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each a wholly owned subsidiary of CNH Industrial Capital LLC. The notes will mature on April 10, 2028.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and MUFG Securities Americas Inc. are acting as joint book-running managers and the representatives of the underwriters for the offering, and BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and Rabo Securities USA, Inc. are acting as joint book-running managers for the offering. The offering was made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on March 14, 2022. Copies of the prospectus supplement and accompanying prospectus for the offering may be obtained by contacting Deutsche Bank Securities Inc., Attn: Prospectus Group, 1 Columbus Circle, New York, NY 10019, Telephone: 1-800-503-4611, Email: prospectus-CPDB@db.com; Citigroup Global Markets Inc., Attn: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-800-831-9146, Email: prospectus@citi.com, Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn: Prospectus Department, Telephone: 1-866-471-2526, Email: prospectus-ny@ny.email.gs.com; or MUFG Securities Americas Inc., Attn: Capital Markets Group, 1221 Avenue of the Americas, 6th Floor, New York, New York 10020, Telephone: 1-877-649-6848. Copies of the prospectus supplement and the accompanying prospectus for the offering are also available on the website of the U.S. Securities and Exchange Commission at http://www.sec.gov.

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This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

CNH Industrial Capital LLC is an indirect wholly owned subsidiary of CNH Industrial N.V. and is headquartered in Racine, Wisconsin. As a captive finance company, the primary business of CNH Industrial Capital LLC and its subsidiaries is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America LLC and CNH Industrial Canada Ltd. (collectively, “CNH Industrial North America”) and provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH Industrial North America. CNH Industrial Capital LLC and its subsidiaries also provide wholesale and retail financing related to new and used agricultural and construction equipment manufactured by entities other than CNH Industrial North America. CNH Industrial Capital LLC’s principal executive offices are located at 5729 Washington Avenue, Racine, WI 53406, and the telephone number is +1(262) 636-6011.

Contacts:

Media Relations
Email: mediarelations@cnhind.com

Investor Relations
Email: investor.relations@cnhind.com

Attachment

• 20230410_PR_CNH_Industrial_Capital_Bond_Closing

FAQ

What are the details of CNHI's $600 million bond offering?

CNHI completed a $600 million offering of 4.550% notes due 2028 with net proceeds of about $588 million.

When do the interest payments for CNHI's notes start?

Interest payments for CNHI's notes will begin on October 10, 2023.

What will CNHI do with the proceeds from its bond offering?

The proceeds will be used for working capital, debt repayment, and other corporate purposes.

Who managed CNHI's recent bond offering?

Deutsche Bank Securities, Citigroup, Goldman Sachs, and MUFG acted as joint book-running managers for the bond offering.

When do CNHI's notes mature?

CNHI's notes will mature on April 10, 2028.