Navistar Announces Five-Year, $1.3 Billion Loan
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Navistar International Corp. said Thursday it has received a commitment for a five-year $1.3 billion loan.
The loan will be provided by J.P. Morgan Chase Bank and a group of lenders that includes Credit Suisse, Banc of America Securities and Citigroup Global Markets, the truck and engine maker said in a statement.The company has been plagued by accounting difficulties and will challenge a New York Stock Exchange delisting in a hearing set for Jan. 30. (Click here for previous coverage.)The new loan facilities, which expire in January 2012, will replace the company’s existing senior unsecured $1.5 billion credit agreement, which expires in March 2009. Navistar will use the proceeds of the new facilities to repay the remaining amount outstanding under the existing loan facility.Navistar voluntarily repaid $200 million of the $1.5 billion credit agreement on Dec. 29.Navistar is the parent company of International Truck and Engine Corp.
Navistar International Corp. said Thursday it has received a commitment for a five-year $1.3 billion loan.
The loan will be provided by J.P. Morgan Chase Bank and a group of lenders that includes Credit Suisse, Banc of America Securities and Citigroup Global Markets, the truck and engine maker said in a statement.The company has been plagued by accounting difficulties and will challenge a New York Stock Exchange delisting in a hearing set for Jan. 30. (Click here for previous coverage.)The new loan facilities, which expire in January 2012, will replace the company’s existing senior unsecured $1.5 billion credit agreement, which expires in March 2009. Navistar will use the proceeds of the new facilities to repay the remaining amount outstanding under the existing loan facility.Navistar voluntarily repaid $200 million of the $1.5 billion credit agreement on Dec. 29.Navistar is the parent company of International Truck and Engine Corp.
