CNH Industrial announces subsidiary notes offering

Rhea-AI Summary

On October 6, 2022, CNH Industrial announced its subsidiary, CNH Industrial Capital LLC, plans to offer new notes, subject to market conditions. These notes will be guaranteed by its other wholly owned subsidiaries. The net proceeds from this offering will be used for working capital and general corporate purposes, including asset purchases and debt repayment. The offering is backed by major financial institutions and is conducted under a prior effective registration statement with the SEC.

Positive

• The offering aims to improve working capital.
• Potential for debt repayment enhances financial stability.

Negative

• Market conditions may affect the success of the notes offering.
• The reliance on issuance could indicate cash flow concerns.

London, October 6, 2022

CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, plans to offer new notes, subject to market conditions. The notes 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. CNH Industrial Capital LLC is the North American arm of CNH Industrial’s global financial services business.

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.

BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as joint book-running managers and the representatives of the underwriters for the offering, and BNP Paribas Securities Corp., CIBC World Markets Corp. and Wells Fargo Securities, LLC are acting as joint book-running managers for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on March 14, 2022. Copies of the preliminary prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting BofA Securities, Inc., Attn: Prospectus Department, 200 North College Street, NC1-004-03-43, Charlotte, NC 28255-0001, Telephone: 1-800-294-1322, Email: dg.prospectus_requests@bofa.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attn: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-866-803-9204; Morgan Stanley & Co. LLC, 180 Varick Street, New York, NY 10014, Attn: Prospectus Department, Telephone: 1-866-718-1649, Email: prospectus@morganstanley.com; or RBC Capital Markets, LLC, Attn: Syndicate Operations, 200 Vesey Street, 8^th Floor, New York, NY 10281, Telephone: 1-866-375-6829, Email: rbcnyfixedincomeprospectus@rbccm.com. Copies of the preliminary 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.

***

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

• 20221006_PR_CNH Industrial_Notes_Offering_Launch

FAQ

What is the purpose of CNHI's new notes offering?

CNHI's new notes offering aims to provide working capital and fund general corporate purposes, including asset purchases and debt repayment.

When was CNHI's notes offering announced?

The notes offering was announced on October 6, 2022.

Who are the underwriters for CNHI's notes offering?

The underwriters include BofA Securities, J.P. Morgan Securities, Morgan Stanley, RBC Capital Markets, and others.

What is the significance of CNHI's notes offering for investors?

The notes offering could improve CNHI's financial flexibility but carries risks depending on market conditions.

How will CNHI utilize the proceeds from the new notes?

CNHI plans to use the proceeds for working capital and general corporate purposes, including repaying indebtedness.