Navistar International Corp (NYSE:NAV) Announces Pricing Of Private Offering

Posted by Chris Bell October 8, 2013 0 Comment 1064 views


Navistar International Corp (NYSE:NAV) announced the pricing of the private-offering of $200M of 4.50 percent senior-subordinated convertible notes that are due in 2018. This offering is expected to close on 11 October 2013 and will be subject to all customary closing-conditions. Apart from this, Navistar International Corp (NYSE:NAV) has granted these initial-purchasers an option of over-allotment to buy an additional $30M of convertible notes.

These convertible-notes will pay the interest on a semiannual basis at a rate of 4.50percent/ per annum. Under some circumstances, they will be convertible into cash,  shares of Navistar common-stock, or even a combination of Navistar shares and cash at the company’s election.

Monday’s trading session

In Monday’s trading, Navistar International Corp (NYSE:NAV) dropped by 4.87%. The opening price of the shares was $37.56, which climbed to an intraday high of $38.03 and dipped to a close of $36.50. Approximately 3.03 million shares were traded on Monday while an average volume of 0.889 million shares were traded over a 30 day period. The 52-week low of Navistar International Corp (NYSE:NAV) shares is $18.17 and its 52-week high is $39.79. The company has a market capitalization of $2.94 billion.

About the company

Navistar International Corp (NYSE:NAV) is a holding company. Its primary operating subsidiaries are Navistar, Inc & Navistar Financial Corporation. It manufactures International brand military and commercial trucks, IC Bus brand-buses, MaxxForce brand diesel-engines, Workhorse Custom Chassis, brand chassis for motor-homes and step-vans. It also manufactures Monaco RV, recreational vehicles and is a provider of service-parts for all trailers and trucks.

Apart from this, the company is also a private-label designer and a manufacturer of diesel-engines for the pickup-truck, van & sport utility vehicle markets. Navistar International Corp (NYSE:NAV) also provides wholesale, retail and lease financing of parts and trucks. Navistar International Corp (NYSE:NAV) operates in 4 segments: 1) Truck, 2) Engine, 3) Parts and 4) Financial Services.



About Chris Bell

Chris Bell is an investing reporter for GDP Insider. Chris covers financial markets and Wall Street, concentrating on developments affecting individual investors and their portfolios. Chris is also over consumer reporter and covers a wide variety of issues ranging from housing to immigration to urban poverty. Chris graduated from the University of Scranton with a degree in Communication and Philosophy. Chris's diligent investigations earned him the honor of being named "Best Reporter" once by the Headliners Foundation of Texas and once by the Houston Press Club.

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