By Wendy Van Sickle
Columbus, Ohio, Sept. 11 – CNH Industrial Capital LLC priced $500 million of 5.5% five-year notes (Baa2/BBB/BBB+) on Monday at a spread of 122 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.399 to yield 5.634%.
The notes will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Co., LLC.
RBC Capital Markets, LLC, J.P. Morgan Securities LLC, Santander US Capital Markets LLC and Wells Fargo Securities, LLC are leading the sale. Intesa Sanpaolo IMI Securities Corp., NatWest Markets Securities Inc., SG America Securities, LLC and UniCredit Capital Markets LLC are also 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
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| Guarantors: | CNH Industrial Capital America LLC and New Holland Credit Co., LLC
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| Amount: | $500 million
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| Issue: | Notes
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| Maturity: | Jan. 12, 2029
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| Bookrunners: | RBC Capital Markets, LLC, J.P. Morgan Securities LLC, Santander US Capital Markets LLC, Wells Fargo Securities, LLC, Intesa Sanpaolo IMI Securities Corp., NatWest Markets Securities Inc., SG America Securities, LLC and UniCredit Capital Markets LLC
|
| 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: | 5.5%
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| Price: | 99.399
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| Yield: | 5.634%
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| Spread: | Treasuries plus 122 bps
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| Call features: | Make-whole premium at Treasuries plus 25 bps until Dec. 12, 2028, then a par call
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| Change-of-control put: | 101 plus interest
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| Trade date: | Sept. 11
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| Settlement date: | Sept. 13
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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: | 12592BAR5
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