Navistar Financial Corp. (NFC), an affiliate of Navistar International Corp., announced today that it has attained a further source of funding via completion of a $100-million trade receivables securitization program.
NFC said the liquidity is provided by one of its “relationship banks” and the program will provide it with cash proceeds of up to $100 million through the ongoing sale of its fleet receivables, previously purchased from Navistar.
"This transaction enhances Navistar's financial flexibility by providing an additional source of funding for NFC's operations," said Walter Borst, Navistar executive vp & CFO.
"Consistent with improvements in capital markets,” he added, “NFC has executed a number of successful transactions in recent months that will help reduce debt costs, enhance liquidity and improve working capital."
NFC noted that it “provides financial programs and services tailored to satisfy Navistar's dealer and customer equipment financing needs.”