CNH Industrial announces subsidiary notes offering

Rhea-AI Summary

On May 17, 2021, CNH Industrial N.V. (NYSE: CNHI) announced plans by its subsidiary, CNH Industrial Capital LLC, to offer new notes, subject to market conditions. These notes will be guaranteed by two wholly-owned subsidiaries. The net proceeds will be utilized for general corporate purposes and debt repayment. The offering is supported by leading financial institutions acting as underwriters and is conducted under a shelf registration statement with the SEC. This move aims to strengthen CNH Industrial's financial position.

Positive

• Planned notes offering aimed at strengthening general corporate funds.
• Use proceeds for working capital and debt repayment enhances financial stability.

Negative

• None.

London, May 17, 2021

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.

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA LLC and Wells Fargo Securities, LLC 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., Intesa Sanpaolo S.p.A. and NatWest Markets Securities Inc. 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 15, 2019. Copies of the preliminary prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005, Attn: Prospectus Group, Telephone: (800) 503-4611, Email: prospectus.CPDG@db.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, Telephone: (866) 471-2526, Fax: (212) 902-9316, Email: prospectus-ny@ny.email.gs.com; Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attn: Debt Capital Markets, Fax: (212) 205-7812; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Telephone: (800) 645-3751, Email: wfscustomerservice@wellsfargo.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.

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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:

 

 

Corporate Communications

 

Email: mediarelations@cnhind.com

 

Investor Relations

 

Email: investor.relations@cnhind.com

 

Attachment

• 20210517_PR_CNH_Industrial_Announcement_Subsidiary_Notes

FAQ

What is the purpose of CNH Industrial's new notes offering?

The new notes offering is intended to strengthen corporate funds, finance working capital, and repay debts.

When was the notes offering by CNH Industrial announced?

The notes offering was announced on May 17, 2021.

Which subsidiaries are involved in the notes offering for CNHI?

The notes will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC.

Who are the underwriters for CNH Industrial's new notes offering?

Deutsche Bank, Goldman Sachs, Mizuho Securities, and Wells Fargo are acting as joint book-running managers.

What will the proceeds from the new notes be used for?

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