Cnh Industrial announced its intention to proceed with a bond issue by CNH Industrial Capital LLC, subject to market conditions.
In the note published on its website Industrial Driver's License explains that the securities will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, both wholly owned subsidiaries of CNH Industrial Capital LLC. CNH Industrial Capital LLC explains that the net proceeds of the bond issue will be used "for working capital needs and for general corporate needs including, among other things, the purchase of receivables or other assets".
The net proceeds may also be used to repay other CNH Industrial Capital LLC debt upon maturity.
Yesterday JP Morgan analysts promoted CNH Industrial from Underweight to Neutral with a target price rising to 8,5 dollars (7,50 euros at current exchange rates) from the previous 7,5 dollars.
