NAVISTAR INTERNATIONAL CORPORATION (NYSE:NAV) Files An 8-K Entry into a Material Definitive Agreement
ITEM1.01
| ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
On June28, 2017, Navistar Financial Dealer Note Master Owner
Trust II (the Issuing Entity) issued a series of notes
designated the Floating Rate Dealer Note Asset Backed Notes,
Series 2017-1 (the Series 2017-1 Notes). The Series 2017-1 Notes
include four classes of Notes: the ClassA Notes, the Class B
Notes, the Class C Notes and the Class D Notes. The principal
characteristics of the Series 2017-1 Notes are as follows:
| Number of classes within Series 2017-1 Notes: Four |
|
Initial ClassA Notes Outstanding Principal Amount: $211,330,000 |
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Initial Class B Notes Outstanding Principal Amount: $13,120,000 |
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Initial Class C Notes Outstanding Principal Amount: $11,740,000 |
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Initial Class D Notes Outstanding Principal Amount: $13,810,000 |
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Initial Total Series 2017-1 Notes Outstanding Principal Amount: $250,000,000 |
| ClassA Note Rate: 1-month LIBOR 0.78% |
| Class B Note Rate: 1-month LIBOR 1.25% |
| Class C Note Rate: 1-month LIBOR 1.55% |
| Class D Note Rate: 1-month LIBOR 2.30% |
| Closing Date: June28, 2017 |
| Expected Principal Distribution Date: June25, 2019 |
| Legal Final Maturity Date: June27, 2022 |
| Ordinary means of principal repayment: Accumulation Period |
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Accumulation Period Commencement Date: A date within nine months prior to the Expected Principal Distribution Date, as determined by the Servicer |
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Primary source of credit enhancement for ClassA Notes: Subordination of Class B Notes, the Class C Notes and Class D Notes, Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account |
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Primary source of credit enhancement for Class B Certificates: Subordination of Class C Notes and the Class D Notes and Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account |
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Primary source of credit enhancement for Class C Certificates: Subordination of Class D Notes and Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account |
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Primary source of credit enhancement for Class D Certificates: Overcollateralization represented by the Issuing Entity Certificate issued to the Depositor and a spread account |
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Series 2017-1 Subordinated Sellers Interest Percentage: 9.50% divided by 1.00 minus 9.50% |
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Series 2017-1 Target Overcollateralization Amount: the product of the Series 2017-1 Subordinated Sellers Interest Percentage and the Series 2017-1 Nominal Liquidation Amount |
| Servicing Fee Percentage: 1.0% |
The terms of the Series 2017-1 Notes and the definitions of
capitalized terms may be found in the Series 2017-1 Indenture
Supplement, dated as of June28, 2017 (the Indenture
Supplement), between the Issuing Entity and Citibank, N.A.,
as indenture trustee, which is attached as Exhibit 10.1 and
incorporated by reference herein. The Indenture Supplement
supplements the Indenture, dated as of November2, 2011, between
the Issuing Entity and the Indenture Trustee (filed as Exhibit
10.3 to the registrants Form 8-K dated and filed on November7,
2011. Commission File No.001-09618).
ITEM9.01 |
FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
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| 10.1 |
Series 2017-1 Indenture Supplement to the Indenture, dated as of June 28, 2017, between Navistar Financial Dealer Note Master Owner Trust II, as issuing entity, and Citibank, N.A., as indenture trustee |
NAVISTAR INTERNATIONAL CORP ExhibitEX-10.1 2 d381780dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION COPY NAVISTAR FINANCIAL DEALER NOTE MASTER OWNER TRUST II as Issuing Entity and CITIBANK,…To view the full exhibit click here About NAVISTAR INTERNATIONAL CORPORATION (NYSE:NAV)
Navistar International Corporation is a holding company whose principal operating entities are Navistar, Inc. and Navistar Financial Corporation (NFC). The Company’s segments include Truck, Parts, Global Operations (collectively, Manufacturing operations) and Financial Services, which consists of NFC and its foreign finance operations (collectively, Financial Services operations). The Truck segment manufactures and distributes Class 4 through 8 trucks, buses and military vehicles under the International and IC Bus brands, along with production of engines. The Parts segment supports its brands of International commercial trucks, IC buses and engines. The Global Operations segment includes operations of its subsidiary, International Industria de Motores da America do Sul Ltda. (IIAA). The Financial Services segment provides and manages retail, wholesale and lease financing of products sold by the Truck and Parts segments and their dealers.
