Navistar sweetens tender offer for 2.5% convertible notes

By Laura Lutz

Des Moines, July 26 - Navistar International Corp. amended the tender offer and consent solicitation for its $190 million 2.5% senior convertible notes due 2007.

Navistar has increased its offer to $1,010 plus accrued interest per $1,000 principal amount of the notes. The company had offered par plus accrued interest when the tender offer was announced June 28.

The offer was also extended to midnight ET on Aug. 8 from July 25.

As of midnight ET on July 25, $47.7 million of the senior convertible notes had been tendered in the offer.

Navistar is also soliciting consents to amend the note indenture, waiving any existing defaults and events of defaults.

The company is seeking consents from a majority of noteholders.

Citigroup (800 558-3745 or call collect 212 723-6106), Credit Suisse (800 820-1653 or call collect 212 325-7596) and Banc of America Securities LLC are the dealer managers.

Global Bondholder Services Corp. is the information agent (866 857-2200 or call collect 212 430-3774).

Navistar is a Warrenville, Ill., maker of trucks and engines.

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