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Navistar (NAV) Declares Pricing of Senior Notes Worth $250M
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Navistar International Corporation has set the interest rate for its $250 million worth of senior unsecured notes at 8.25% annually. The notes are due to mature in 2021. The notes are being issued at 100% of the aggregate principal amount.
Earlier, Navistar intended to offer $200 million of its senior unsecured notes at 8.25% interest annually. The offering is expected to close on Jan 18, 2017, subject to customary closing conditions. Purchasers of the notes will be paying accrued interest from Nov 1, 2016, to the day before the closing date.
These notes will be an addition to the previously issued $1.3 billion senior notes of which, $1.2 billion is outstanding. The notes will be treated along with the existing senior notes as a single series of debt securities. It will also have the same terms as the existing senior notes.
Navistar will be utilizing the net proceeds of the offering for general corporate purposes, including working capital and capital expenditures. BofA Merrill Lynch, Goldman, Sachs & Co. and J.P. Morgan Securities LLC will be the joint book-running managers for the offering.
Navistar had cash and cash equivalents of $804 million as of Oct 31, 2016, down from $912 million as of Oct 31, 2015. As of Oct 31, 2016, notes payable and long-term debt was $4.9 billion compared with $5.3 billion as of Oct 31, 2015.
Net cash flow operations totaled $267 million in fiscal 2016 versus $46 million in the year-ago period. Capital expenditure totaled $116 million, up from $115 million in the year-ago period.
Over the past one year, Navistar’s shares have gained 342.1% while the Zacks categorized Auto/Truck Original Equipment industry saw a 33% increase. The stock’s rally was driven by benefits from the alliance with Volkswagen, product launches, cost-saving initiatives and increased production at plants.
Zacks Rank & Key Picks
Navistar currently carries a Zacks Rank #3 (Hold).
Fox Factory has an expected earnings growth rate of around 16.6% for the current year. Oshkosh has a long-term growth rate of 8.4% while the same for GKN is pegged at 6.3%.
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Navistar (NAV) Declares Pricing of Senior Notes Worth $250M
Navistar International Corporation has set the interest rate for its $250 million worth of senior unsecured notes at 8.25% annually. The notes are due to mature in 2021. The notes are being issued at 100% of the aggregate principal amount.
Earlier, Navistar intended to offer $200 million of its senior unsecured notes at 8.25% interest annually. The offering is expected to close on Jan 18, 2017, subject to customary closing conditions. Purchasers of the notes will be paying accrued interest from Nov 1, 2016, to the day before the closing date.
These notes will be an addition to the previously issued $1.3 billion senior notes of which, $1.2 billion is outstanding. The notes will be treated along with the existing senior notes as a single series of debt securities. It will also have the same terms as the existing senior notes.
Navistar will be utilizing the net proceeds of the offering for general corporate purposes, including working capital and capital expenditures. BofA Merrill Lynch, Goldman, Sachs & Co. and J.P. Morgan Securities LLC will be the joint book-running managers for the offering.
Navistar had cash and cash equivalents of $804 million as of Oct 31, 2016, down from $912 million as of Oct 31, 2015. As of Oct 31, 2016, notes payable and long-term debt was $4.9 billion compared with $5.3 billion as of Oct 31, 2015.
Net cash flow operations totaled $267 million in fiscal 2016 versus $46 million in the year-ago period. Capital expenditure totaled $116 million, up from $115 million in the year-ago period.
Navistar International Corporation Price
Navistar International Corporation Price | Navistar International Corporation Quote
Price Performance
Over the past one year, Navistar’s shares have gained 342.1% while the Zacks categorized Auto/Truck Original Equipment industry saw a 33% increase. The stock’s rally was driven by benefits from the alliance with Volkswagen, product launches, cost-saving initiatives and increased production at plants.
Zacks Rank & Key Picks
Navistar currently carries a Zacks Rank #3 (Hold).
Better-ranked companies in the auto space include Oshkosh Corporation (OSK - Free Report) , Fox Factory Holding Corp (FOXF - Free Report) and GKN plc . All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fox Factory has an expected earnings growth rate of around 16.6% for the current year. Oshkosh has a long-term growth rate of 8.4% while the same for GKN is pegged at 6.3%.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>