Navistar Financial Corp. announced Monday, Feb. 15, that it has sold $250 million of wholesale floor plan notes in a two-year 144-A transaction to support its dealer inventory funding. This is NFC’s first asset sale of calendar-year 2010, and it brings NFC’s total wholesale capacity to $1.1 billion when combined with previously issued public and private funding. NFC says it initially sought $200 million and increased the amount to $250 million due to strong demand.
“This deal provides competitively priced long-term funding to support Navistar’s dealers, and it further diversifies our funding sources by broadening our investor base and maturity structure,” says David Johanneson, president and chief executive officer of NFC. “As the economic recovery continues, we continue to seek the most cost-effective financing solutions for our dealers and customers to support the profitable growth of Navistar.”