CNH gets tenders for €379.6 million of notes due 2021, 2022, 2023

By Rebecca Melvin

New York, Dec. 6 – CNH Industrial NV and subsidiary CNH Industrial Finance Europe SA have received tenders for €379,562,000 of notes, which represents €64,283,000 of its 2.875% notes due Sept. 27, 2021, €183,827,000 of its 1.375% notes due May 23, 2022 and €131,452,000 of its 2.875% notes due May 17, 2023, according to a press release.

The companies initially offered to tender up to €300 million of the 2021, 2022 and 2023 notes. CNH said it intends to increase the cap to €379,562,000.

As previously reported, 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 settlement date is expected to be Dec. 10 and the 2021 notes’ purchase price will be 105.169, and the 2022 notes’ purchase price will be 103.035.

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.

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

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