Pricing of CNH Industrial Capital LLC $600 million notes

Rhea-AI Summary

CNH Industrial (NYSE:CNHI) announced that subsidiary CNH Industrial Capital LLC has priced $600 million of senior unsecured notes due June 25, 2031 at a 4.950% coupon and 99.615% issue price. Closing is expected on June 25, 2026, subject to customary conditions.

According to CNH Industrial, net proceeds will support working capital, general corporate purposes, potential asset purchases, and may be used to repay existing indebtedness. The notes pay interest semi-annually and are guaranteed by two wholly owned subsidiaries.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• $600 million senior notes provide additional funding flexibility
• 4.950% fixed coupon locked in through 2031
• Issue priced at 99.615% of principal
• Net proceeds available for working capital and general corporate purposes
• Proceeds may be used to repay existing indebtedness
• Guarantees from two wholly owned subsidiaries support the notes

Negative

• $600 million issuance increases total outstanding indebtedness
• Obligation to pay 4.950% interest until 2031
• Senior unsecured structure ranks behind any secured debt

What This Means

This announcement details a $600 million senior unsecured notes deal at 4.950% maturing in 2031. It ...

Analysis

This announcement details a $600 million senior unsecured notes deal at 4.950% maturing in 2031. It modestly reshapes CNH Industrial Capital’s funding mix; investors may watch future leverage trends and refinancing terms for additional balance-sheet signals.

Key Figures

Notes offering size: $600 million Coupon rate: 4.950% Issue price: 99.615% +4 more

7 metrics

Notes offering size $600 million Aggregate principal amount of CNH Industrial Capital LLC notes

Coupon rate 4.950% Interest rate on notes due 2031

Issue price 99.615% Pricing of 4.950% notes due 2031

Expected closing date June 25, 2026 Anticipated closing of notes offering

Interest payment dates June 25 and December 25 Semi-annual interest payments starting December 25, 2026

Maturity date June 25, 2031 Maturity of CNH Industrial Capital LLC notes

Shelf filing date March 12, 2025 Effective shelf registration statement with SEC for this offering

Regulatory & Risk Context

Short Interest: 2.41%

Short Interest

2.41% of shares outstanding

as of 2024-05-15 Days to cover: 3.44

Reported short interest appears relatively low, implying limited short-squeeze potential and only a moderate contribution to overall share-price volatility.

Key Terms

senior unsecured obligations, shelf registration statement, prospectus supplement, joint book-running managers

4 terms

senior unsecured obligations financial

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

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.

shelf registration statement regulatory

"The offering is being made pursuant to an effective shelf registration statement filed"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

prospectus supplement regulatory

"Copies of the prospectus supplement and the accompanying prospectus for the offering"

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.

joint book-running managers financial

"are acting as joint book-running managers for the offering"

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Pricing of CNH Industrial Capital LLC $600 million notes

Basildon, June 22, 2026

CNH Industrial N.V. (NYSE: CNH) today announced that its wholly owned subsidiary, CNH Industrial Capital LLC, has priced $600 million in aggregate principal amount of 4.950% notes due 2031, with an issue price of 99.615%. The offering is expected to close on June 25, 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 June 25 and December 25 of each year, beginning on December 25, 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 June 25, 2031.

BofA Securities, Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and Santander US Capital Markets LLC are acting as joint book-running managers and the representatives of the underwriters for the offering, and Intesa Sanpaolo IMI Securities Corp., Mizuho Securities USA LLC, UniCredit Capital Markets LLC and Wells Fargo Securities, 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 BofA Securities, Inc., NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, Email: dg.prospectus_requests@bofa.com; Deutsche Bank Securities Inc., 1 Columbus Circle, New York, NY 10019, Attn: Prospectus Group, Telephone: 1 800-503-4611, Email: prospectus-CPDB@db.com; Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, Attn: Prospectus Department, Telephone: 1-866-471-2526, Email: prospectus-ny@ny.email.gs.com; or Santander US Capital Markets LLC, 437 Madison Avenue, New York, NY 10022, Telephone: 1-855-403-3636, Email: DCMAmericas@santander.us. 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

• 20260622_PR_CNH Capital Pricing

FAQ

What did CNH Industrial (NYSE:CNHI) announce about the $600 million notes pricing on June 22, 2026?

CNH Industrial announced that CNH Industrial Capital LLC priced $600 million of 4.950% senior unsecured notes due 2031. According to CNH Industrial, the notes were issued at 99.615% of principal and are expected to close on June 25, 2026, subject to customary conditions.

What are the key terms of CNH Industrial Capital LLC’s 4.950% notes due 2031 (CNHI)?

The notes have a 4.950% annual coupon, mature on June 25, 2031, and were priced at 99.615% of face value. According to CNH Industrial, interest is payable semi-annually on June 25 and December 25, starting December 25, 2026, and the notes are senior unsecured.

How will CNH Industrial Capital LLC use the $600 million notes proceeds and what does it mean for CNHI investors?

CNH Industrial Capital LLC plans to add net proceeds to general funds for working capital and corporate purposes. According to CNH Industrial, proceeds may also repay existing indebtedness, which could alter the company’s debt profile and liquidity position relevant to CNHI shareholders.

Who guarantees CNH Industrial Capital LLC’s 4.950% notes due 2031 and how are they structured?

The notes are senior unsecured obligations of CNH Industrial Capital LLC and are guaranteed by CNH Industrial Capital America LLC and New Holland Credit Company, LLC. According to CNH Industrial, both guarantors are wholly owned subsidiaries, supporting the structure for holders of CNHI-related debt instruments.

When do interest payments start on CNH Industrial Capital LLC’s $600 million notes (CNHI) and how often are they paid?

Interest on the 4.950% notes is paid semi-annually, beginning December 25, 2026. According to CNH Industrial, payments occur each June 25 and December 25 until maturity in 2031, providing a predictable interest schedule for investors in the CNHI capital structure.

Under which SEC registration was CNH Industrial Capital LLC’s $600 million note offering made?

The offering is being made under an effective shelf registration statement filed with the SEC on March 12, 2025. According to CNH Industrial, investors can access the prospectus supplement and accompanying prospectus via SEC’s website or through the listed underwriter contacts.