Closing of CAD$ 300 million notes of CNH Industrial Capital Canada Ltd.

Rhea-AI Summary

CNH Industrial N.V. (NYSE: CNHI) has successfully completed a private placement offering of CAD$ 300 million in 1.50% notes due October 1, 2024. The offering was made to accredited investors in Canada at an issue price of 99.936%. Proceeds will enhance working capital and may be used to repay existing indebtedness. The notes, which are senior unsecured obligations, will pay interest semi-annually beginning April 1, 2022, and are guaranteed by subsidiaries of CNH Industrial. The securities have not been qualified for public sale under Canadian laws.

Positive

• Successful placement of CAD$ 300 million notes strengthens capital structure.
• Funds will enhance working capital and may reduce indebtedness.

Negative

• None.

London, September 28, 2021Closing of CAD$ 300 million notes of CNH Industrial Capital Canada Ltd.

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that its indirect wholly owned subsidiary, CNH Industrial Capital Canada Ltd., has completed its previously announced private placement offering of CAD$ 300 million in aggregate principal amount of 1.50% notes due October 1, 2024, with an issue price of 99.936%. The notes were offered in a private placement to certain accredited investors in each of the provinces of Canada.

CNH Industrial Capital Canada Ltd. 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 Canada Ltd.’s indebtedness as it becomes due.

The notes, which are senior unsecured obligations of CNH Industrial Capital Canada Ltd., will pay interest semi-annually on April 1 and October 1 of each year, beginning on April 1, 2022, and will be guaranteed by CNH Industrial Capital LLC, CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each an indirect wholly owned subsidiary of CNH Industrial N.V.

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The securities offered in the private placement have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

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. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Contacts:

 

 

Corporate Communications

 

Email: mediarelations@cnhind.com

 

Investor Relations

 

Email: investor.relations@cnhind.com

Attachment

• 20210928_PR_CNH_Industrial_Capital_Canada_Bond_Closing

FAQ

What is the purpose of CNHI's CAD$ 300 million notes?

The proceeds will be used for working capital and to potentially repay existing debt.

When is the maturity date for CNHI's notes?

The notes are due on October 1, 2024.

What is the interest rate on CNHI's newly issued notes?

The interest rate on the notes is 1.50%.

Who are the investors in CNHI's notes offering?

The notes were offered to certain accredited investors in Canada.

When will interest payments begin for CNHI's notes?

Interest payments will begin on April 1, 2022.