09 May 2024
BBVA Mexico acted as Joint Bookrunner in the placement of Navistar Financial’s Notes
Navistar Financial S.A. de C.V., SOFOM, E.R. ("Navistar"), successfully completed a placement of Certificados Bursátiles rated AAA(mex) by Fitch and HR AAA by HR for a total of MXN2,000 million, in a communicating vessels scheme.
The transaction was split into two tranches:
- NAVISTS 24: MXN1.01 billion 3-year floating rate, placed at a price of TIIE 28d + 62 bps, representing a 3 bps discount from the IPT.
- NAVISTS 24-2: MXN $979 million 5-year fixed rate, priced at M Bono 29 (9.85%) + 131 bps, resulting in a coupon rate of 11.16%.
The proceeds will be used for debt repayment, working capital and other general corporate purposes.Total demand reached MXN2,316 million, 1.16 more than the amount issued. The book had a broad participation of local investors, including Afores, mutual funds, brokerage firms, treasuries and independent advisors. The proceeds will be used for debt repayment, working capital and other general corporate purposes. Navistar International Corporation operates three main business lines:
- International: Manufacturing of trucks and buses under the International and IC BUS brands.
- Fleetrite: Marketing of auto parts and spare parts for trucks, trailers and powertrains.
- Navistar Financial: Offers financing services for new and used trucks.