By Cristal Cody
Tupelo, Miss., Sept. 29 – CNH Industrial Capital LLC priced $500 million of 1.875% guaranteed senior notes due Jan. 15, 2026 (Baa3/BBB/BBB-) on Tuesday at a spread of 167 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price guidance was in the 185 bps spread area.
The notes priced at 99.761 to yield 1.923%.
Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and MUFG were the bookrunners.
The notes will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Co., LLC.
The Racine, Wis.-based financial services company plans to use the proceeds for working capital and other general corporate purposes.
| Issuer: | CNH Industrial Capital LLC
|
| Guarantors: | CNH Industrial Capital America LLC and New Holland Credit Co., LLC
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2026
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and MUFG
|
| Coupon: | 1.875%
|
| Price: | 99.761
|
| Yield: | 1.923%
|
| Spread: | Treasuries plus 167 bps
|
| Call features: | Make-whole premium at Treasuries plus 30 bps; par call one month before maturity
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 29
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| Settlement date: | Oct. 6
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| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 185 bps area
|
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