CNH announces pricing of its offering of €500,000,000 3.875% notes due September 2035
Rhea-AI Summary
CNH Industrial (NYSE: CNHI) has successfully priced its offering of €500,000,000 3.875% notes due September 3, 2035. The notes will be issued with an issue price of 98.906% of the principal amount under CNH's Euro Medium Term Note Programme, with closing expected on September 3, 2025.
The notes will be offered and sold exclusively outside the United States to non-U.S. institutional investors. The company plans to use the net proceeds for general corporate purposes, including existing debt repayment. The notes will be listed on the Global Exchange Market of Euronext Dublin.
Positive
- Successful pricing of €500 million notes demonstrates strong market access
- Long-term debt maturity (2035) helps optimize debt structure
- Proceeds will strengthen balance sheet through debt refinancing
Negative
- Additional debt burden with 3.875% interest rate
- Issue price below par at 98.906% indicates slight discount to attract investors
Insights
CNH's €500M bond issuance strengthens liquidity while managing debt at a reasonable 3.875% rate despite challenging interest environment.
CNH Industrial has successfully priced a
The pricing of these notes at
This transaction demonstrates CNH's proactive approach to liability management. By potentially refinancing existing obligations, the company is likely working to smooth out future maturity walls and potentially lock in rates before any unfavorable market movements. The Euro-denominated issuance also aligns with CNH's significant European operations, providing a natural currency hedge for its Euro-based revenues and expenses.
The exclusion of U.S. investors (non-U.S. persons only) and retail investors in the EEA and UK reflects a targeted institutional financing approach that likely streamlined the issuance process while maintaining compliance with various international securities regulations. This strategic financing move strengthens CNH's liquidity position while carefully managing its long-term debt obligations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CNH announces pricing of its offering of
Basildon, August 27, 2025
CNH Industrial N.V. (NYSE: CNH) (“CNH”) today announces the successful pricing of its offering of
The closing of the offering is currently expected on September 3, 2025. The notes will be issued by CNH under its Euro Medium Term Note Programme. CNH intends to use the net proceeds from the offering for its general corporate purposes including repayment of existing debt. Application will be made for the Notes to be admitted to trading on the Global Exchange Market of Euronext Dublin.
NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES OR TO U.S. PERSONS
MiFID II and UK MiFIR professionals/ECPs-only / No PRIIPs KID – Manufacturer target market (MIFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or UK.
The notes will be offered and sold only outside the United States to institutional investors that are not “U.S. persons” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act")) and have not been and will not be registered under the Securities Act or any other securities laws. The notes may not be offered or sold in the United States or to or for the account or benefit of “U.S. persons” absent registration under the Securities Act or an applicable exemption from the registration requirements thereof.
This press release shall not constitute an offer to sell or an offer of financial products or securities, nor shall there be any sale of these notes, in the United States or any state or jurisdiction in which such an offer or sale would be unlawful. No action has been or will be taken to permit a public offering of the notes in any jurisdiction.
The offering of the Notes has not been registered with the Commissione Nazionale per le Societá e la Borsa (CONSOB), pursuant to Italian securities legislation and, accordingly, no Notes may be offered, sold or delivered, nor may copies of the Base Listing Particulars or of any other document relating to the Notes be distributed in the Republic of Italy, except: (i) to qualified investors (investitori qualificati), as defined pursuant to Article 2 of Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”) and any applicable provision of Italian laws and regulations; or (ii) in any other circumstances which are exempted from the rules on public offerings pursuant to Article 1 of the Prospectus Regulation, Article 34-ter of Regulation No. 11971 of 14 May 1999, as amended from time to time, and the applicable Italian laws.
This press release is directed only (i) to persons who are outside the United Kingdom, (ii) to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Financial Promotion Order”) or (iii) to high net worth entities falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order (all such persons together being referred to as "Relevant Persons"). This press release must not be acted on or relied on by persons who are not Relevant Persons. Any investment activity to which this press release relates is reserved for Relevant Persons only and may only be engaged in by Relevant Persons.
In the Netherlands, this press release is directed only to qualified investors within the meaning of the Dutch Financial Supervision Act (Wet op het financieel toezicht).
This press release is an advertisement and is not a prospectus. The base listing particulars dated 12 May 2025 as supplemented on 5 August 2025 (together, the “Base Listing Particulars”) are, and the final Pricing Supplement, when published, will be, available for viewing at https://www.cnh.com/en-US. Potential investors must note that the Base Listing Particulars, as supplemented by the Pricing Supplement, does not constitute a prospectus for the purposes of the Prospectus Regulation or for the purposes of Regulation (EU) 2017/1129 as it forms part of domestic law in the UK by virtue of the European Union (Withdrawal) Act 2018 (as amended, the “UK Prospectus Regulation”). The Base Listing Particulars, as supplemented by the Pricing Supplement, has been prepared on the basis that the offer of Notes in any member state of the EEA will be made pursuant to an exemption under the Prospectus Regulation and, in the case of the UK, pursuant to an exemption under the UK Prospectus Regulation.
CNH Industrial (NYSE: CNH) is a world-class equipment, technology and services company. Driven by its purpose of Breaking New Ground, which centers on Innovation, Sustainability and Productivity, the Company provides the strategic direction, R&D capabilities, and investments that enable the success of its global and regional Brands. Globally, Case IH and New Holland supply 360° agriculture applications from machines to implements and the digital technologies that enhance them; and CASE and New Holland Construction Equipment deliver a full lineup of construction products that make the industry more productive. The Company’s regionally focused Brands include: STEYR, for agricultural tractors; Raven, a leader in digital agriculture, precision technology and the development of autonomous systems; Hemisphere, a leading designer and manufacturer of high-precision satellite-based positioning, and heading technologies; Flexi-Coil, specializing in tillage and seeding systems; Miller, manufacturing application equipment; and Eurocomach, producing a wide range of mini and midi excavators for the construction sector, including electric solutions.
Across a history spanning over two centuries, CNH has always been a pioneer in its sectors and continues to passionately innovate and drive customer efficiency and success. As a truly global company, CNH’s 35,000+ employees form part of a diverse and inclusive workplace, focused on empowering customers to grow, and build, a better world.
For more information and the latest financial and sustainability reports visit: cnh.com
For news from CNH and its Brands visit: media.cnh.com
Contacts:
Media Relations
Email: mediarelations@cnh.com
Investor Relations
Email: investor.relations@cnh.com
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