- Apple Surpasses Nokia as Top Handset Maker by Profit
- Three Things the US Can Do To Stop the Dollar's Decline
- Toll Brothers: More Contracts Signed, but Sales Down
- Fed's Lacker: US in a 'Good Place' With Inflation
- Bear Stearn Fund Managers Not Guilty on All Counts
- Commodity ETFs: Returns May Not Match Expectations
- JPMorgan Chase to Hire 1,200 Mortgage Officers
- Ponzi Proceeds: Bidding on Madoff's Toys
- Quiz: Do You Know Your Coca-Cola Myths?
- Beware of 'Trampling Effect' When Market Tops: Manager
- Gold Heading to $1150: Art Hogan
- Starbucks Brews Up Growth
- Farr: An Extended Period—No Fat Lady in Sight
- More Upside if S&P Passes This Number: Market Pro
- Murdoch Lashes Out At Google
- Fighting The Flu Vaccine Critics
- Nov. 10: Unusual Volume Leaders
- Shadow Inventory Dwarfs Loan Mods
- Logitech to buy LifeSize Communications for $405M
- Werner Enterprises to pay special dividend
- Emdeon 3Q loss widens on costs
- Ambac warns it may file for bankruptcy protection
- UN chief prods US Senate to tackle climate change
- Cliffs Natural raises quarterly dividend
- Atmos posts 4Q loss on drop in natural gas prices
- PepsiCo withdraws FTC filings in bottler deals
- Bob Evans 2Q profit rises 37 percent
Text Size 
WARRENVILLE, Ill. - Navistar Financial said Tuesday it issued $350 million in securities that it said are eligible for a Federal Reserve program designed to spur lending to businesses.
The company, a subsidiary of heavy-vehicle maker Navistar International Corp., said it would use proceeds to provide funding for dealer inventories.
Navistar said the transaction is eligible for the Fed's Term Asset-Backed Securities Loan Facility program or TALF. Under the program, investors get loans from the Fed and use the money to buy securities backed by auto loans or other assets.
Navistar Financial said it issued 3-year asset-backed securities. The unit's CEO, David Johanneson, said the company was pleased with its first foray into the public markets in several years.
"We have obtained competitively priced long-term funding and broadened our investor base, all of which will help to support our dealers' purchase of floor plan inventory," he said.
Also, Navistar Financial signed an agreement extending a $100 million facility used to support the purchase of fleet accounts receivable through Oct. 29, 2010.
Navistar International subsidiaries make trucks, school buses, recreational vehicles and diesel engines. The company's shares fell a penny to $35.65.
Print
Email
- Vote and suggest your own, and remember--there's a fine line between a hero and a zero.
- If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
- What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
- One author sees lessons for you in Disney’s recent Makeover of Mickey Mouse: “Nice” doesn’t always win.
- With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
- The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
Data is a real-time snapshot *Data is delayed at least 15 minutes