Case New Holland calls its $1.05 billion of 9¼% notes

By Susanna Moon

Chicago, June 28 - Case New Holland Inc. said it would redeem its $1.05 billion of outstanding 9¼% senior notes due 2011.

The redemption date is Aug. 1.

The redemption price is 104.625% of the principal amount of the notes plus accrued interest.

Of the $1.05 billion of 9¼% notes due 2011, $750 million of the notes due Aug. 1, 2011 were priced July 29, 2003 and $300 million of the notes were priced Sept. 5, 2003.

"We will permanently retire a portion of the notes and refinance the balance through new term financing available from Fiat Finance North America.," Rubin McDougal, CNH's chief financial officer, said in a press release.

Case New Holland is a Lake Forest, Ill.-based subsidiary of CNH Global NV, an agricultural equipment maker based in Amsterdam.

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