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CNH Industrial (NYSE: CNHI) has successfully priced its offering of €500,000,000 3.875% notes due September 3, 2035. The notes will be issued with an issue price of 98.906% of the principal amount under CNH’s Euro Medium Term Note Programme, with closing expected on September 3, 2025.
The notes will be offered and sold exclusively outside the United States to non-U.S. institutional investors. The company plans to use the net proceeds for general corporate purposes, including existing debt repayment. The notes will be listed on the Global Exchange Market of Euronext Dublin.
CNH Industrial (NYSE: CNHI) ha collocato con successo un’emissione di €500.000.000 di obbligazioni al 3,875% con scadenza il 3 settembre 2035. Le obbligazioni saranno emesse a un prezzo di emissione pari al 98,906% del valore nominale nell’ambito del programma Euro Medium Term Note di CNH, con regolamento previsto il 3 settembre 2025.
Le obbligazioni saranno offerte e vendute esclusivamente al di fuori degli Stati Uniti a investitori istituzionali non statunitensi. La società intende utilizzare il ricavato netto per scopi societari generali, inclusa la ristrutturazione/estinzione di debiti esistenti. Le obbligazioni saranno quotate sul Global Exchange Market di Euronext Dublin.
CNH Industrial (NYSE: CNHI) ha colocado con éxito una emisión de €500.000.000 en bonos al 3,875% con vencimiento el 3 de septiembre de 2035. Los bonos se emitirán a un precio de emisión del 98,906% del principal en el marco del programa Euro Medium Term Note de CNH, con cierre previsto para el 3 de septiembre de 2025.
Los bonos se ofrecerán y venderán exclusivamente fuera de los Estados Unidos a inversores institucionales no estadounidenses. La compañía tiene previsto destinar los ingresos netos a fines corporativos generales, incluida la cancelación de deuda existente. Los bonos se cotizarán en el Global Exchange Market de Euronext Dublin.
CNH Industrial (NYSE: CNHI)가 만기 2035년 9월 3일, 연 3.875%의 €500,000,000 채권을 성공적으로 발행했습니다. 해당 채권은 CNH의 유로 중기채권(Euro Medium Term Note) 프로그램에 따라 원금의 98.906%의 발행가로 발행되며, 거래종결은 2025년 9월 3일로 예정되어 있습니다.
이 채권은 미국 이외 지역에서 미국 외 기관투자자에게만 제공·판매됩니다. 회사는 순수익을 기존 부채 상환을 포함한 일반 법인 목적에 사용할 계획입니다. 해당 채권은 Euronext Dublin의 Global Exchange Market에 상장될 예정입니다.
CNH Industrial (NYSE: CNHI) a réussi le placement de €500 000 000 d’obligations à 3,875% arrivant à échéance le 3 septembre 2035. Les obligations seront émises à un prix d’émission de 98,906% du montant principal dans le cadre du programme Euro Medium Term Note de CNH, avec une clôture prévue le 3 septembre 2025.
Les obligations seront offertes et vendues exclusivement hors des États-Unis à des investisseurs institutionnels non américains. La société prévoit d’utiliser le produit net à des fins générales d’entreprise, y compris le remboursement de dettes existantes. Les obligations seront cotées sur le Global Exchange Market d’Euronext Dublin.
CNH Industrial (NYSE: CNHI) hat erfolgreich eine Platzierung von €500.000.000 3,875% Schuldverschreibungen mit Fälligkeit am 3. September 2035 durchgeführt. Die Schuldverschreibungen werden zu einem Ausgabepreis von 98,906% des Nennbetrags im Rahmen des Euro Medium Term Note-Programms von CNH begeben, der Abschluss wird voraussichtlich am 3. September 2025 erfolgen.
Die Schuldverschreibungen werden ausschließlich außerhalb der Vereinigten Staaten an nicht‑US‑institutionelle Investoren angeboten und verkauft. Das Unternehmen beabsichtigt, den Nettoerlös für allgemeine Unternehmenszwecke, einschließlich der Rückzahlung bestehender Verbindlichkeiten, zu verwenden. Die Schuldverschreibungen werden am Global Exchange Market der Euronext Dublin notiert.
Positive
- Successful pricing of €500 million notes demonstrates strong market access
- Long-term debt maturity (2035) helps optimize debt structure
- Proceeds will strengthen balance sheet through debt refinancing
Negative
- Additional debt burden with 3.875% interest rate
- Issue price below par at 98.906% indicates slight discount to attract investors
Insights
CNH’s €500M bond issuance strengthens liquidity while managing debt at a reasonable 3.875% rate despite challenging interest environment.
CNH Industrial has successfully priced a €500 million bond offering with a 3.875% coupon rate maturing in September 2035. The notes were priced at 98.906% of face value, indicating a slight discount to par that adjusts the effective yield slightly higher than the stated coupon rate. The 10-year tenor of these notes represents a long-term financing commitment that helps the company extend its debt maturity profile.
The pricing of these notes at 3.875% is relatively favorable in the current interest rate environment, especially for industrial equipment manufacturers. CNH’s ability to secure this rate for a decade-long commitment suggests solid market confidence in the company’s long-term financial stability. The company states the proceeds will be used for “general corporate purposes including repayment of existing debt,” which indicates this is likely a refinancing operation to manage their debt maturity ladder rather than funding new expansion.
This transaction demonstrates CNH’s proactive approach to liability management. By potentially refinancing existing obligations, the company is likely working to smooth out future maturity walls and potentially lock in rates before any unfavorable market movements. The Euro-denominated issuance also aligns with CNH’s significant European operations, providing a natural currency hedge for its Euro-based revenues and expenses.
The exclusion of U.S. investors (non-U.S. persons only) and retail investors in the EEA and UK reflects a targeted institutional financing approach that likely streamlined the issuance process while maintaining compliance with various international securities regulations. This strategic financing move strengthens CNH’s liquidity position while carefully managing its long-term debt obligations.
08/27/2025 – 01:30 PM
CNH Industrial (NYSE: CNHI) is tapping the debt markets, announcing the pricing of a €500 million offering of 3.875% notes due September 2035. The move allows the global capital goods and technology company to strategically manage its balance sheet amid a dynamic macroeconomic environment. The notes are priced at 98.906% of the principal amount.
According to the company’s statement, the proceeds are earmarked for general corporate purposes, including refinancing existing debt. This suggests a calculated maneuver to optimize CNH Industrial’s debt maturity profile and potentially capitalize on current interest rate conditions, even as borrowing costs remain elevated relative to recent history.
“This issuance reflects CNH Industrial’s ongoing commitment to proactive capital management,” a financial analyst noted. “While the 3.875% coupon represents a certain cost, the ability to extend the debt maturity out to 2035 provides valuable financial flexibility.”
The offering is structured to target institutional investors outside the United States, bypassing U.S. securities regulations. The notes will be listed on the Global Exchange Market of Euronext Dublin, further emphasizing the euro-centric nature of this capital raise and its alignment with CNH Industrial’s significant European operations.
This latest debt offering comes as CNH Industrial continues to navigate a complex global landscape, marked by fluctuations in commodity prices, supply chain challenges, and evolving demand dynamics across its diverse agricultural and construction equipment segments. The transaction is expected to close on September 3, 2025.
FAQ
What is the size and interest rate of CNH Industrial’s (CNHI) new notes offering?
CNH Industrial priced €500 million in notes with a 3.875% interest rate, due September 2035.
When will CNH Industrial’s (CNHI) new notes mature?
The notes will mature on September 3, 2035, representing a long-term debt instrument.
How will CNH Industrial (CNHI) use the proceeds from the notes offering?
CNH Industrial plans to use the net proceeds for general corporate purposes, including the repayment of existing debt.
What is the issue price for CNH Industrial’s (CNHI) new notes?
The notes are being issued at 98.906% of the principal amount, slightly below par value.
Where will CNH Industrial’s (CNHI) new notes be traded?
The notes will be admitted to trading on the Global Exchange Market of Euronext Dublin.
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