Navistar Financial closes sale of $290M of asset-backed notes

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Navistar Financial Corp. on Monday, Oct. 18, announced it had completed the sale of $290 million of asset-backed notes in a 144-A transaction. This is NFC’s second retail securitization in calendar-year 2010, which it says brings its total transaction volume to more than $1.1 billion and enables it to reduce debt costs and build liquidity.

“We are taking advantage of current market conditions to refinance portions of our portfolio to enhance our liquidity and increase our income potential,” says David Johanneson, NFC president and chief executive officer.

NFC says that going forward, it will continue to facilitate the majority of customer finance needs through Navistar Capital, its new retail program formed earlier this year in alliance with GE Capital.