CNH Industrial announces subsidiary notes offering  

Rhea-AI Summary

On April 4, 2023, CNH Industrial (NYSE: CNHI) announced plans by its subsidiary, CNH Industrial Capital LLC, to offer new notes, pending market conditions. These notes will be guaranteed by other subsidiaries and are aimed at raising funds for working capital and corporate purposes, including asset purchases or debt repayment. The offering is conducted under an existing SEC registration statement from March 2022, with major financial institutions acting as underwriters. This offering is part of CNH Industrial's strategy to strengthen its financial position amidst market opportunities.

Positive

• The offering of new notes indicates a proactive approach to secure funding for working capital.
• The net proceeds can potentially enhance liquidity by allowing debt repayment.

Negative

• None.

London, April 4, 2023

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., 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 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 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, 6^th Floor, New York, NY 10020, by toll-free phone: 1-877-649-6848. 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:

Media Relations
Email: mediarelations@cnhind.com

Investor Relations
Email: investor.relations@cnhind.com

Attachment

• 20230404_PR_CNH_Industrial_Capital_Bond_Launch

FAQ

What is CNH Industrial's recent financial move?

CNH Industrial announced on April 4, 2023, that its subsidiary plans to offer new notes to raise funds for working capital and debt repayment.

How will CNH Industrial use the proceeds from the note offering?

The proceeds will be used for working capital, purchasing receivables, and repaying indebtedness as it becomes due.

Who are the underwriters for CNHI's note offering?

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

What is the significance of the note offering for CNH Industrial?

The note offering aims to strengthen CNH Industrial's financial flexibility by providing necessary capital for operations and debt management.

When was the SEC registration statement for CNHI's offering filed?

The effective shelf registration statement was filed with the SEC on March 14, 2022.