CNH Industrial Capital prices $600 million senior notes at 4.950% due 2031
CNH Industrial Capital LLC priced $600 million of 4.950% senior notes due 2031 at an issue price of 99.615%, parent company CNH Industrial N.V. (NYSE: CNH) announced June 22. The wholly owned subsidiary is the finance arm of the agricultural and construction equipment manufacturer.
Industrial Capital LLC priced $600 million in aggregate principal amount of 4.950% senior notes due 2031 at an issue price of 99.615%, parent company Industrial N.V. (NYSE: ) disclosed June 22 [1]. The wholly owned subsidiary of the agricultural and construction equipment manufacturer executed the offering in the investment-grade corporate bond market.
The pricing below par translates to a yield slightly above the stated coupon. Industrial Capital, the captive finance arm that provides dealer and retail financing for equipment, accessed the debt market amid a backdrop of industrial issuers refinancing near-term maturities and funding working capital needs. The 4.950% coupon positions the notes in line with current rates for six-year industrial credit.
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