Pricing of CNH Industrial Capital LLC $500 million notes

Rhea-AI Summary

CNH Industrial (NYSE: CNHI) subsidiary CNH Industrial Capital LLC priced $500 million of 4.375% notes due March 7, 2031 at an issue price of 99.086%. The offering is expected to close on January 8, 2026, subject to customary closing conditions.

Interest will be paid semi-annually on March 7 and September 7, beginning March 7, 2026. Net proceeds will be added to general funds for working capital, purchase of receivables or other assets, and potentially to repay indebtedness. Notes are senior unsecured obligations guaranteed by two wholly owned subsidiaries.

Positive

• Raises $500 million of near-term liquidity
• Proceeds available for working capital and debt repayment

Negative

• Adds $500 million of senior unsecured debt
• Fixed interest cost of 4.375% until 2031 increases interest expenses

Key Figures

Notes principal: $500 million Coupon rate: 4.375% Issue price: 99.086% +5 more

8 metrics

Notes principal $500 million Aggregate principal amount of notes due 2031

Coupon rate 4.375% Interest rate on notes due 2031

Issue price 99.086% Issue price of the 4.375% notes

Maturity date March 7, 2031 Stated maturity of the notes

First interest payment March 7, 2026 First semi-annual interest payment date

Closing date January 8, 2026 Expected closing of the notes offering

Interest payments Semi-annually Payments on March 7 and September 7 each year

Guarantee entities 2 subsidiaries Guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC

Market Reality Check

Price: $11.45 Vol: Volume 6,444,450 vs 20-da...

normal vol

$11.45 Last Close

Volume Volume 6,444,450 vs 20-day average 7,840,794 (relative volume 0.82x) before this announcement. normal

Technical Price $11.45 sat at the 52-week low and was flagged as trading below the 200-day MA of $11.37 pre-news.

Market Pulse Summary

This announcement detailed a $500 million senior unsecured notes offering at 4.375%, maturing in 203...

Analysis

This announcement detailed a $500 million senior unsecured notes offering at 4.375%, maturing in 2031, with proceeds earmarked for working capital, receivables and potential debt repayment. Before the news, shares traded at the 52-week low of $11.45, and recent filings showed softer revenues and sizable leverage. Investors may monitor how this new funding affects overall debt levels, interest costs and performance in core Agriculture and Construction markets.

Key Terms

senior unsecured obligations, joint book-running managers, prospectus supplement, customary closing conditions

4 terms

senior unsecured obligations financial

"The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will pay interest"

Senior unsecured obligations are loans or bonds that a company promises to pay back with its own money, but without any special guarantees or collateral. If the company runs into financial trouble, these debts are paid after other debts with priority, meaning they are less protected but still important. They matter because they show how risky it is to lend money to a company.

joint book-running managers financial

"are acting as joint book-running managers and the representatives of the underwriters"

Joint book-running managers are the lead banks or financial firms responsible for organizing and overseeing the sale of a large financial offering, such as a company’s stock or bonds. They coordinate efforts to set the price, attract investors, and ensure the offering is successful. Their role is important to investors because they help ensure the offering is well-managed, properly priced, and accessible to a wide range of buyers.

prospectus supplement regulatory

"Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

customary closing conditions regulatory

"The offering is expected to close on January 8, 2026, subject to the satisfaction of customary closing conditions."

"Customary closing conditions" are standard rules or checks that must be met before a business deal can be finalized, like making sure all paperwork is in order or that certain approvals are obtained. They matter because they help protect both parties, ensuring everything is in place and reducing the risk of surprises or problems after the deal is closed.

AI-generated analysis. Not financial advice.

Basildon, January 6, 2026

CNH Industrial N.V. (NYSE: CNH) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, has priced $500 million in aggregate principal amount of 4.375% notes due 2031, with an issue price of 99.086%. The offering is expected to close on January 8, 2026, subject to the satisfaction of customary closing conditions.

CNH Industrial Capital LLC 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. The net proceeds may also be applied to repay CNH Industrial Capital LLC’s indebtedness as it becomes due.

The notes, which are senior unsecured obligations of CNH Industrial Capital LLC, will pay interest semi-annually on March 7 and September 7 of each year, beginning on March 7, 2026, and will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, each a wholly owned subsidiary of CNH Industrial Capital LLC. The notes will mature on March 7, 2031.

Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., and SG Americas Securities, LLC are acting as joint book-running managers and the representatives of the underwriters for the offering, and BBVA Securities Inc., Credit Agricole Securities (USA) Inc., Intesa Sanpaolo IMI Securities Corp. and UniCredit Capital Markets LLC are acting as joint book-running managers for the offering. The offering is being made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission on March 12, 2025. Copies of the prospectus supplement and the accompanying prospectus for the offering may be obtained by contacting Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-888-603-5847, Email: barclaysprospectus@broadridge.com; BNP Paribas Securities Corp., 787 Seventh Avenue, New York, NY 10019, Attn: Syndicate Desk, Telephone:1-800-854-5674, Email:DL.US.Syndicate.Support@us.bnpparibas.com; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Telephone: 1-800-831-9146, Email: prospectus@citi.com; or SG Americas Securities, LLC, 245 Park Avenue, New York, NY 10167, Attn: High Grade Syndicate Desk, Telephone: 1-855-881-2108. Copies of the prospectus supplement and the accompanying prospectus for the offering are also available on the website of the U.S. Securities and Exchange Commission at http://www.sec.gov.

***

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.

CNH Industrial Capital LLC is an indirect wholly owned subsidiary of CNH Industrial N.V. and is headquartered in Waterford, 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 1 CNH Way, Waterford, WI 53185, and the telephone number is +1 (262) 636-6011.

Contacts:

Media Relations
Email: mediarelations@cnh.com

Investor Relations
Email: investor.relations@cnh.com

Attachment

• 20260106_PR_CNH Industrial Capital Pricing

FAQ

What did CNH Industrial (CNHI) announce on January 6, 2026 about debt financing?

CNH Industrial Capital LLC priced $500 million of 4.375% notes due March 7, 2031, at an issue price of 99.086%.

When will the CNH Industrial Capital LLC note offering close and when do interest payments start?

The offering is expected to close on January 8, 2026, and interest is paid semi-annually starting March 7, 2026.

How will CNH Industrial (CNHI) use the net proceeds from the $500 million note offering?

Net proceeds will be added to general funds for working capital, purchasing receivables or assets, and potentially repaying indebtedness.

Are the 4.375% notes issued by CNH Industrial Capital LLC secured or guaranteed?

The notes are senior unsecured obligations of CNH Industrial Capital LLC and are guaranteed by two wholly owned subsidiaries.

What is the maturity date and coupon of CNH Industrial Capital LLC's new notes (CNHI related)?

The notes mature on March 7, 2031 and carry a 4.375% annual coupon with semi-annual interest payments.

How might the $500 million note issuance affect CNH Industrial (CNHI) investors?

The issuance increases consolidated leverage with $500 million additional senior unsecured debt and raises available liquidity for operations or debt reduction.