Navistar Announces Proposed Amendment To Senior Secured Term Loan Facility
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SOURCE Navistar International Corporation
LISLE, Ill., March 19, 2013 /PRNewswire/ -- Navistar International Corporation (NYSE: NAV) today announced that it is pursuing an amendment to the $1 billion senior secured term loan facility of Navistar, Inc. The term loan amendment is expected to include an interest rate repricing, the extension of the maturity date from July 16, 2014 to August 17, 2017 and amendments to certain covenants to provide the company with additional operating flexibility. Concurrently with the effectiveness of the term loan amendment, the company intends to issue up to $300 million of unsecured debt and to use the net proceeds to repay a portion of the principal of the term loan.
The proposed amendment of the term loan is subject to lender consent, the company's issuance of unsecured debt and other conditions, and may not occur as described or at all. The company intends to hold a bank call with lenders on March 20, 2013 to discuss the proposed amendments to the term loan.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Navistar International Corporation (NYSE: NAV) is a holding company whose subsidiaries and affiliates produce International® brand commercial and military trucks, MaxxForce® brand diesel engines, IC Bus™ brand school and commercial buses. It also is a private-label designer and manufacturer of diesel engines for the pickup truck, van and SUV markets. The company also provides truck and diesel engine service parts. Another affiliate offers financing services.
Information provided and statements contained in this report that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this report and the company assumes no obligation to update the information included in this report. Such forward-looking statements include information concerning our possible or assumed future results of operations, including descriptions of the company's business strategy. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. These statements are not guarantees of performance or results and they involve risks, uncertainties, and assumptions. For a further description of these factors, see the risk factors set forth in the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K for the fiscal year ended October 31, 2012 and quarterly reports for fiscal 2013. Although the company believes that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for its ongoing obligations to disclose material information as required by the federal securities laws, the company does not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.
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