Navistar refinances loan to improve liquidity
LISLE, Ill. — Navistar has refinanced a loan so it can invest in new products and advance its recovery, the company announced this morning.
A US$697-million loan that matures in August 2017 has been refinanced with a new US$1.040 billion loan that will mature in August 2020. The refinancing extends the maturity of the term loan facility and provides additional liquidity and financial flexibility, the company announced.
“The company’s financial condition and results continue to improve steadily, and we have begun to generate positive cash flow,” said Walter G. Borst, Navistar’s chief financial officer. “We’re investing in new products and advancing on our Uptime strategy in the market, driven by our focus on connected vehicles. The term loan renewal will provide us additional flexibility to pursue these initiatives while extending our debt maturity profile.”
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