Navistar Secures $100M In Funds
LISLE, IL —Navistar Financial Corporation (NFC), has secured $100 million in funds through one of its relationship banks.
NFC, the financial partner of truck maker Navistar, is selling its fleet assets in exchange for cash, to be used for long-term investments in a process called "trade receivables securitization."
Navistar CFO and executive VP Walter Borst said the transaction boosts company's financial flexibility by giving their operations another source of funding.
"Consistent with improvements in capital markets, NFC has executed a number of successful transactions in recent months that will help reduce debt costs, enhance liquidity and improve working capital," Borst said. Navistar's dealer and customer equipment financing is provided by way of NFC’s financial services and programs, which are tailored for each individual client.