Pricing of CNH Industrial Capital LLC $500 million notes

Rhea-AI Summary

CNH Industrial Capital LLC (NYSE: CNH), a wholly owned subsidiary of CNH Industrial N.V., has priced $500 million in 4.500% notes due 2030 with an issue price of 99.765%. The notes, which are senior unsecured obligations, will pay interest semi-annually starting April 16, 2026.

The offering, expected to close on September 29, 2025, will be guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC. The proceeds will be used for working capital, general corporate purposes, including receivables purchase, and potential debt repayment. The notes will mature on October 16, 2030.

Positive

• None.

Negative

• Additional long-term debt obligation with 4.500% interest rate
• Slight discount on issue price (99.765%) impacts effective cost of capital

Insights

Corporate Bond Analyst

CNH Industrial's financing arm secures $500M in medium-term debt at favorable 4.5% rate, strengthening its liquidity position.

CNH Industrial Capital LLC has priced a $500 million note offering with a 4.500% coupon maturing in 2030. The pricing at 99.765% of face value indicates solid market demand for CNH's debt despite the 5-year term. This is a strategic financing move that strengthens the company's capital structure while taking advantage of current interest rate conditions.

The notes will be senior unsecured obligations guaranteed by two wholly owned subsidiaries of CNH Industrial Capital LLC, providing strong backing for investors. The semi-annual interest payments begin April 16, 2026, creating a predictable debt service schedule.

This transaction appears designed to support CNH's financing operations, which are crucial for enabling sales of the parent company's agricultural and construction equipment. By securing this medium-term financing, CNH Industrial Capital enhances its ability to provide competitive financing options to dealers and end customers, ultimately supporting equipment sales volumes.

The note issuance demonstrates CNH's continued access to debt markets and ability to secure financing for its captive finance arm. With eight major financial institutions underwriting the offering, including Citigroup and Mizuho Securities, the company has assembled strong distribution channels for the debt placement. The proceeds will bolster working capital and support the purchase of receivables, essentially fueling the lending operations that help customers finance equipment purchases while potentially refinancing existing debt obligations as they mature.

Pricing of CNH Industrial Capital LLC $500 million notes

Basildon, September 25, 2025

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 4.500% notes due 2030, with an issue price of 99.765%. The offering is expected to close on September 29, 2025, 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 April 16 and October 16 of each year, beginning on April 16, 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 October 16, 2030.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are acting as joint book-running managers and the representatives of the underwriters for the offering, and BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Santander US Capital Markets LLC and SMBC Nikko Securities America, Inc. 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 Citigroup Global Markets Inc., 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Broadridge Financial Solutions, Telephone: 1-800-831-9146, Email: prospectus@citi.com; Mizuho Securities USA LLC, 1271 Avenue of the Americas, New York, NY 10020, Attn: Debt Capital Markets, Telephone:1-866-271-7403; RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, NY 10281, Attn: Syndicate Operations, Telephone: 1-866-375-6829, Email: rbcnyfixedincomeprospectus@rbccm.com; or Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, Email: wfscustomerservice@wellsfargo.com, Toll-Free: 1-800-645-3751. 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

• 20250925_PR_CNH_Capital_Pricing

FAQ

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

CNH Industrial Capital LLC has priced $500 million in notes with a 4.500% interest rate, due in 2030.

When will CNH Industrial Capital's 2025 notes offering close?

The notes offering is expected to close on September 29, 2025, subject to customary closing conditions.

How will CNH Industrial Capital (NYSE: CNH) use the proceeds from the notes?

The proceeds will be used for working capital, general corporate purposes, receivables purchase, and potential debt repayment.

Who are the guarantors of CNH Industrial Capital's 2030 notes?

The notes are guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC, both wholly owned subsidiaries of CNH Industrial Capital LLC.

What is the payment schedule for CNH's 2030 notes?

The notes will pay interest semi-annually on April 16 and October 16, beginning April 16, 2026, with maturity on October 16, 2030.