CNH Industrial to price benchmark-sized three-year bullet on Tuesday

By Paul A. Harris

Portland, Ore., June 23 – CNH Industrial Capital LLC plans to price a benchmark-sized offering of non-callable three-year senior notes (expected ratings Ba1/BB) on Tuesday, according to a syndicate source.

The drive-by deal is set to be marketed by means of a prerecorded investor call.

Joint bookrunner Morgan Stanley & Co. will bill and deliver for the Rule 144A and Regulation S with registration rights offer. BofA Merrill Lynch, J.P. Morgan Securities LLC and SG CIB are also joint bookrunners.

Proceeds will be used to fund working capital, to repay debt and for general corporate purposes.

The prospective issuer is the captive finance business for Goodfield, Ill.-based CNH Industrial North America, a manufacturer of machinery and vehicles.

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