Pricing of CNH Industrial Capital Canada Ltd. Cdn$500 million notes

Rhea-AI Summary

CNH Industrial Capital Canada Ltd., a subsidiary of CNH Industrial N.V. (NYSE: CNHI), has priced Cdn$500 million in 3.75% notes due June 5, 2029. The notes, priced at 100.00%, will be offered privately to accredited investors in Canadian provinces, with closing expected on June 5, 2025. The senior unsecured notes will pay interest semi-annually and are guaranteed by CNH Industrial Capital LLC, CNH Industrial Capital America LLC, and New Holland Credit Company, LLC. The proceeds will support working capital, general corporate purposes, and debt repayment. CNH Industrial Capital LLC, headquartered in Racine, Wisconsin, operates as a captive finance company providing financing solutions for CNH Industrial North America's agricultural and construction equipment customers and dealers.

Positive

• New Cdn$500 million notes offering strengthens company's capital structure
• 3.75% interest rate indicates favorable borrowing terms
• Proceeds will enhance working capital and support business operations
• Strong backing with guarantees from multiple CNH Industrial subsidiaries

Negative

• Additional debt obligation could increase company's leverage
• Interest payments will create recurring financial obligations through 2029

Insights

Financial Analyst

CNH Industrial's financing arm issued Cdn$500M in notes at 3.75%, demonstrating continued capital market access while maintaining normal financing operations.

CNH Industrial Capital Canada's Cdn$500 million note issuance at 3.75% represents a routine but important financing activity for supporting the company's equipment sales ecosystem. The 4-year notes, due June 2029, were priced at par (100.00%) and will be offered through private placement to accredited Canadian investors.

The strategic value of this transaction lies in how it supports CNH's captive finance operations. As explicitly stated, the proceeds will fund working capital, receivables purchases, and debt repayment - all critical functions for a financing arm that underwrites and manages financing products for agricultural and construction equipment customers and dealers.

The notes' enhancement through guarantees from multiple CNH Industrial subsidiaries (including CNH Industrial Capital LLC, CNH Industrial Capital America LLC and New Holland Credit Company, LLC) strengthens their security profile and likely contributed to the competitive pricing.

For context, captive financing units are fundamental to equipment manufacturers, as they facilitate sales by providing accessible financing options. The semi-annual interest payments and 4-year term indicate a medium-term commitment that balances flexibility with stability. This successful debt issuance demonstrates continued market access and investor confidence in CNH Industrial's credit standing, while representing a standard operational move rather than a transformative development.

Basildon, June 2, 2025

CNH Industrial N.V. (NYSE: CNH) today announced that its indirect wholly owned subsidiary, CNH Industrial Capital Canada Ltd., has priced Cdn$500 million in aggregate principal amount of 3.75% notes due June 5, 2029, with an issue price of 100.00%. The notes are being offered on a private placement basis to certain accredited investors in each of the provinces of Canada, which offering is expected to close on June 5, 2025, subject to the satisfaction of customary closing conditions.

CNH Industrial Capital Canada Ltd. intends to add the net proceeds from the offering to its general funds and use them for working capital and other general corporate purposes, including, among other things, the purchase of receivables or other assets in the ordinary course of business, as well as the repayment of indebtedness as it becomes due.

The notes, which are senior unsecured obligations of CNH Industrial Capital Canada Ltd., will pay interest semi-annually on June 5 and December 5 of each year, beginning on December 5, 2025, and will be guaranteed by CNH Industrial Capital LLC, CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each an indirect wholly owned subsidiary of CNH Industrial N.V.

***

The securities offered in the private placement have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

CNH Industrial Capital LLC is an indirect wholly owned subsidiary of CNH Industrial N.V. and is headquartered in Racine, Wisconsin. As a captive finance company, the primary business of CNH Industrial Capital LLC and its subsidiaries is to underwrite and manage financing products for end-use customers and dealers of CNH Industrial America LLC and CNH Industrial Canada Ltd. (collectively, “CNH Industrial North America”) and provide other related financial products and services to support the sale of agricultural and construction equipment sold by CNH Industrial North America. CNH Industrial Capital LLC and its subsidiaries also provide wholesale and retail financing related to new and used agricultural and construction equipment manufactured by entities other than CNH Industrial North America. CNH Industrial Capital LLC’s principal executive offices are located at 5729 Washington Avenue, Racine, WI 53406, and the telephone number is +1(262) 636-6011.

Contacts:

Media Relations
Email: mediarelations@cnh.com

Investor Relations
Email: investor.relations@cnh.com

Attachment

• 20250602_PR_CNH Industrial Capital_Pricing

FAQ

What is the size and interest rate of CNH Industrial Capital Canada's new notes offering?

CNH Industrial Capital Canada Ltd. has priced Cdn$500 million in notes with a 3.75% interest rate, due June 5, 2029.

When will CNHI's new notes begin paying interest to investors?

The notes will pay interest semi-annually on June 5 and December 5, with the first payment beginning on December 5, 2025.

Which entities are guaranteeing CNH Industrial Capital Canada's new notes?

The notes are guaranteed by CNH Industrial Capital LLC, CNH Industrial Capital America LLC, and New Holland Credit Company, LLC.

How will CNH Industrial Capital Canada use the proceeds from this notes offering?

The proceeds will be used for working capital, general corporate purposes, purchasing receivables, and repaying existing debt.

Are these CNHI notes available for public purchase in Canada?

No, the notes are being offered only through private placement to accredited investors in Canadian provinces and have not been qualified for public sale.