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Article: Navistar Announces $1.5 Billion Debt Offerings.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Navistar International Corporation (NYSE:NAV) announced that it plans to issue, subject to market conditions, $1 billion of senior notes due 2021 and $500 million of senior subordinated convertible notes due 2014. The net proceeds will be used to repay in full amounts outstanding under its $1.1 billion term loan and $400 million synthetic revolver senior unsecured credit facilities, which expire in January 2012, as well as other general corporate purposes. In connection with the convertible notes offering, Navistar will grant the underwriters an over-allotment option to purchase an additional $75 million of convertible notes.
Also in connection with the ...