Navistar To Issue $1.5B In Notes To Pay Off Loans

Law360, New York (October 21, 2009, 6:18 PM EDT) -- Commercial truck maker Navistar International Corp. has announced plans to issue $1.5 billion in notes to repay loans.

The Illinois-based company said Tuesday that it would issue $1 billion in senior notes due in 2021 and $500 million in senior subordinated convertible notes due in 2014.

The net proceeds will be used to repay a $1.1 billion term loan and $400 million synthetic revolver senior unsecured credit facilities, which expire in January 2012, Navistar said in a prospectus filed with the U.S. Securities and Exchange Commission....
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