Navistar Financial refinances bank credit line

AP News
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Posted: Dec 16, 2009 6:07 PM

Navistar Financial Corp. said Wednesday it refinanced its bank credit with a new three-year revolving credit line and term loan totaling $815 million.

Navistar Financial also completed a private retail asset sale and secured loan, which generated proceeds of $304 million.

The company said the actions ensure liquidity and help provide the most cost-effective financing, CEO David Johanneson said in a statement.

Navistar financial is a subsidiary of Navistar International Corp., which makes commercial and military trucks, school buses and the Monaco brand recreational vehicles.

Shares fell 18 cents to close at $35.40.