Navistar Financial Corp. (NFC), an affiliate of Navistar International Corp., has signed an agreement for a one-year renewal of a $500 million dealer floorplan funding facility, effective immediately. This conduit-based facility is funded through two of NFC’s major relationship banks, according to a news release.
“This renewal, in conjunction with two recent 144-A transactions, ensures that we have appropriate liquidity to help International and IC Bus dealers purchase their floorplan inventory,” said David Johanneson, president and CEO of NFC. “Despite the difficult economic climate, the credit quality of our portfolio and the health of our dealer network have remained strong, and we continue to be on track to support the profitable growth of Navistar.”
Navistar Financial Corp. (NFC), an affiliate of Navistar International Corp. , has completed the sale of $881 million of asset-backed retail notes in a “144-A” transaction.
This is NFC’s largest retail securitization ever and its first 144-A retail receivables transaction since 2005, according to a news release. During the interim period, NFC’s retail portfolios were supported by asset sales into relationship banks’ multi-seller conduit facilities.
“We continue to access diversified and competitive funding sources to support the sale of Navistar products,” said David Johanneson, president and CEO of Navistar Financial. “Investors have confidence in our industry expertise, underwriting standards, and effectiveness in managing our credit portfolios.”
Navistar International Corp. is the parent company of Monaco RV LLC.