Navistar Financial closes sale of $120M of asset-backed notes

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Navistar Financial Corp. announced that it has completed the sale of $120 million of asset-backed notes in a privately funded transaction with one of NFC’s relationship banks. NFC says this is its first retail securitization in calendar-year 2011, continuing its initiative to reduce debt costs and build liquidity.

“We continue to take advantage of the lower interest rates and more attractive funding structures available under current market conditions,” says David Johanneson, president and chief executive officer of NFC.

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