LISLE, Ill. — A subsidiary of Navistar Financial Corp. has sold $250 million of wholesale floor plan notes in a two-year transaction to support International Truck and IC Bus dealer inventory funding.
The transaction will replace a $200 million deal from February 2012 that matures in January 2015, after which Navistar Financial will have $1 billion in total wholesale funding capacity.
Company officials said that the new transaction was launched at a larger size to ensure adequate liquidity to support the company's growing wholesale portfolio as dealers continue to purchase additional trucks and buses in support of increased customer demand.
"This transaction provides ongoing flexibility in funding wholesale assets to help us support the sale of our truck and bus products through one of the largest and strongest dealer channels in the industry," said Walter Borst, Navistar executive vice president and chief financial officer. "This action allows us to fund a greater percentage of floor plan balances for some of our larger dealers, improving the effectiveness of our wholesale financing platform."
Navistar Financial Corp. provides financing programs and services tailored to support equipment financing needs for International Truck and IC Bus dealers and customers.
In other news, Navistar Inc., which is the parent company of IC Bus, is restructuring its senior leadership team by giving three executives additional responsibilities.
Navistar also announced that Jack Allen, 56, the company's executive vice president and chief operating officer since April 2013, is retiring after more than 33 years with the company.
"Today is a new beginning for Navistar," President and CEO Troy Clarke said. "We are introducing a new leadership team and organization structure that will guide us into the future and enable us to accelerate our performance now that our turnaround is behind us."
Bill Kozek, 52, president of North America truck and parts, has been promoted to president, truck and parts, and is adding global/export truck and parts sales, product planning and Navistar Defense to his current responsibilities.
Persio Lisboa, 49, senior vice president and chief procurement officer, has been promoted to president, operations, and is now also responsible for product development, manufacturing and global businesses.
Borst, 52, is adding business development, mergers and acquisitions, and corporate strategic planning responsibilities to his portfolio.