Consistent with previous guidance, Navistar Financial Corporation, a wholly owned subsidiary of Navistar International Corp, announced that as part of its strategy for refinancing its wholesale portfolio it has signed an agreement for a one-year renewal of a $650 million dealer floor plan funding facility, effective immediately. This conduit-based facility is funded through two of NFC's major relationship banks.
“This renewal, in conjunction with other initiatives, will fully support our ongoing wholesale business, which helps dealers purchase their floor plan inventory,” said David Johanneson, president and chief executive officer of Navistar Financial. “The credit quality of our portfolio and the health of our dealer network continue to earn the ongoing confidence of our key relationship banks.”
“The completion of this renewal is another important step in our strategy to renew Navistar Financial's bank facility by year-end,” he said.