LISLE, Ill. — Navistar International announced that it has completed the refinancing of Navistar, Inc.’s existing approximately $1.0 billion senior secured term loan which was due to mature in August 2020 with a new $1.6 billion senior secured term loan which is due to mature in November 2024.
The refinancing provides additional liquidity and financial flexibility for the company and provides for an extended maturity of the senior secured term loan facility.
The interest rate with respect to the new senior secured term loan is adjusted LIBOR plus a 3.50% margin (with a LIBOR floor of 0.00%) or ABR plus a 2.50% margin (with an ABR floor of 1.00%).
JPMorgan Chase Bank, N.A., Goldman Sachs Lending Partners LLC and Citigroup Global Markets Inc. served as joint lead arrangers. JPMorgan Chase Bank, N.A. will serve as Administrative Agent and Collateral Agent.
SOURCE: Navistar press release