CNH tenders for up to €300 million of notes due 2021, 2022, 2023

By Sarah Lizee

Olympia, Wash., Dec. 2 – CNH Industrial NV and subsidiary CNH Industrial Finance Europe SA are tendering for up to €300 million of the €431,555,000 2.875% notes due Sept. 27, 2021, €500 million 1.375% notes due May 23, 2022 and €500 million 2.875% notes due May 17, 2023, according to a press release.

Pricing for the 2021 and 2022 notes will be set using a purchase yield of 0%, and pricing for the 2023 notes will be set using the interpolated mid-swap rate plus 45 basis points. The purchase price for the 2023 notes will be determined at or around 7 a.m. ET on Dec. 6.

The 2021 notes’ purchase price will be 105.169, and the 2022 notes’ purchase price will be 103.035, if the settlement date is Dec. 10. Should the settlement date be postponed, the purchase prices will be recalculated.

The purchase price for the 2022 notes will be calculated with reference to the first date on which the company may exercise the issuer maturity par call, being Feb. 23, 2022.

Holders will also receive accrued interest.

The company said it is making the offers as a way of managing the CNH Industrial group’s financial liabilities and cost of debt financing.

CNH will use cash on hand and borrowings under its existing credit facilities to fund the offers.

Tendered notes accepted for purchase may be subject to proration.

The offer will expire at 11 a.m. ET on Dec. 5.

Tender instructions must be submitted for no less than €100,000, being the minimum denomination of each series of existing notes, and may be submitted in integral multiples of €1,000 above €100,000.

BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com), Deutsche Bank AG, London Branch (+44 20 7545 8011), Merrill Lynch International (+44 20 7996 5420 or DG.LM-EMEA@bofa.com) and Societe Generale (+33 1 42 13 32 40 or liability.management@sgcib.com) are acting as dealer managers, and Lucid Issuer Services Ltd. (+44 20 7704 0880 or cnh@lucid-is.com) is acting as tender agent. Merrill Lynch is also the structuring adviser.

CNH is a capital goods company registered in the Netherlands with corporate offices in London.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.