By Devika Patel and Cristal Cody
Knoxville, Tenn., May 17 – CNH Industrial Capital LLC priced $600 million of 1.45% guaranteed notes due July 15, 2026 (Baa3/BBB/BBB-) on Monday at a spread of Treasuries plus 78 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.208 to yield 1.611%.
Initial price talk was in the Treasuries plus 100 bps area, according to a market source.
The notes will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Co., LLC.
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, BBVA Securities Inc., Credit Agricole CIB, Intesa Sanpaolo SpA and NatWest Markets Securities Inc. are the bookrunners.
The Racine, Wis.-based financial services company plans to use the proceeds for working capital and other general corporate purposes, including repaying debt at maturity.
| Issuer: | CNH Industrial Capital LLC
|
| Guarantors: | CNH Industrial Capital America LLC and New Holland Credit Co., LLC
|
| Amount: | $600 million
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| Description: | Notes
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| Maturity: | July 15, 2026
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| Bookrunners: | Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho Securities USA Inc., Wells Fargo Securities LLC, BBVA Securities Inc., Credit Agricole CIB, Intesa Sanpaolo SpA and NatWest Markets Securities Inc.
|
| Coupon: | 1.45%
|
| Price: | 99.208
|
| Yield: | 1.611%
|
| Spread: | Treasuries plus 78 bps
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| Call feature: | Make-whole call until June 15, 2026 at Treasuries plus 15 bps; thereafter at par
|
| Trade date: | May 17
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| Settlement date: | May 24
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB
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| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 100 bps area
|
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