CNH Industrial (CNHI) Signs Euro 4B Revolving Credit Facility
Zacks Investment Research | Mar 18, 2019 11:25PM ET
CNH Industrial N.V. (NYSE:CNHI) signs a €4-billion committed revolving credit facility. This is likely to augment its financial capacity, and is intended for general corporate purposes and meeting working capital requirements. This replaces an existing 5-year €1.75-billion facility, which is scheduled to mature in June 2021.
CNH Industrial, with principal office in London, offers vehicles for agricultural and industrial purposes. Its products range from tractors to trucks and buses as well as powertrain solutions for off and on-road, and marine vehicles. It has 12 brands that offer vehicles to a wide consumer base.
The company reached the new credit facility with a group of 32 banks, with the tenure of five years. Also, the tenure has two extension options of one year each, which can be executed on the first and second anniversary of the signing date.
In fourth-quarter 2018, CNH Industrial reported adjusted earnings of 21 cents per share, increasing from 13 cents in the prior-year quarter. Moreover, the bottom line surpassed the Zacks Consensus Estimate of 15 cents. During the quarter, consolidated revenues declined 0.3% from the year-ago quarter to $8.2 billion. However, the figure surpassed the Zacks Consensus Estimate of $8.08 billion.
Over the past three months, CNH Industrial’s shares have outperformed the Zacks Investment Research
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