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