Navistar Announces Refinancing Of Senior Secured Term Loan Facility

Navistar International Corporation

today announced that it is refinancing the $697.5 million senior secured term loan facility of Navistar, Inc., which matures in August 2017, with a new $1.040 billion senior secured term loan, which will mature in August 2020. The refinancing will extend the maturity of the term loan facility and provide additional liquidity and financial flexibility for the company. "The company's financial condition and results continue to improve steadily, and we have begun to generate positive cash flow," said Walter G. Borst, Navistar Chief Financial Officer. "We're investing in new products and advancing on our Uptime strategy in the market, driven by our focus on connected vehicles. The term loan renewal will provide us additional flexibility to pursue these initiatives while extending our debt maturity profile." J.P. Morgan Securities LLC, Goldman Sachs Lending Partners LLC, and Credit Suisse Securities (USA) LLC will serve as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, N.A. will serve as Administrative Agent and Collateral Agent.