By Wendy Van Sickle
Columbus, Ohio, April 4 – CNH Industrial Capital LLC priced $600 million of 4.55% five-year notes (Baa2/BBB/BBB+) on Tuesday at a spread of 140 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 98.857 to yield 4.81%.
The notes will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Co., LLC.
Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and MUFG Securities Americas Inc. are leading the sale. They are joined by BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and Rabo Securities USA, Inc. as joint bookrunners.
Proceeds will be added to general funds and will be used for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business. Proceeds may also be applied to repay CNH Industrial Capital’s debt as it becomes due.
Racine, Wis.-based CNH Industrial Capital is the North American arm of CNH Industrial NV’s global financial services business. CNH Industrial is an agricultural machinery manufacturer with headquarters in London.
| Issuer: | CNH Industrial Capital LLC
|
| Guarantors: | CNH Industrial Capital America LLC and New Holland Credit Co., LLC
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| Amount: | $600 million
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| Issue: | Notes
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| Maturity: | April 10, 2028
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| Bookrunners: | Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Mizuho Securities USA LLC and Rabo Securities USA, Inc
|
| Trustee: | Citibank, NA
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| Counsel to issuer: | Sullivan & Cromwell LLP
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| Counsel to underwriters: | Latham & Watkins LLP
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| Coupon: | 4.55%
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| Price: | 98.857
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| Yield: | 4.81%
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| Spread: | Treasuries plus 140 bps
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| Call features: | Make-whole premium at Treasuries plus 25 bps until March 10, 2028, then a par call
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| Change-of-control put: | 101 plus interest
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| Trade date: | April 4
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| Settlement date: | April 10
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Fitch: BBB+
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| Distribution: | SEC registered
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| Cusip: | 12592BAQ7
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