CNH INDUSTRIAL ANNOUNCES EARLY RESULTS AND INCREASE IN MAXIMUM TENDER AMOUNT OF CASH TENDER OFFER FOR SENIOR NOTES DUE 2017 ISSUED BY ITS SUBSIDIARY CASE NEW HOLLAND INDUSTRIAL INC.
London, December 7, 2016
CNH Industrial N.V. (NYSE: CNHI /MI: CNHI) (“CNH Industrial”) hereby announces the early results as of 5:00 p.m. New York City time on December 6, 2016 (the “Early Tender Time”) of the cash tender offer (the “Tender Offer”) commenced on November 22, 2016 by its wholly owned subsidiary Case New Holland Industrial Inc. (the “Company”) for a portion of its outstanding $1,050,000,000 7⅞% Senior Notes due 2017 (the “Notes”) guaranteed by CNH Industrial and certain of CNH Industrial’s direct and indirect subsidiaries (together with CNH Industrial, the “Guarantors”). The terms and conditions of the Tender Offer are described in an offer to purchase (the “Offer to Purchase”) dated November 22, 2016, the date of commencement of the Tender Offer. Capitalized terms used but not defined herein shall have the meanings given to them in the Offer to Purchase.
Aggregate principal amount of Notes validly tendered and not withdrawn by the Early Tender Time was $413,939,000. The Company has elected to increase the Maximum Tender Amount from $400,000,000 to $413,939,000 aggregate principal amount of Notes and accept for purchase Notes in that amount. The increased Maximum Tender Amount of $413,939,000 aggregate principal amount of Notes has therefore been reached. Notes purchased pursuant to the Tender Offer will be cancelled.
The Notes have the following ISIN/CUSIP numbers: US147446AR91 / 147446AR9 / US147446AQ19 / 147446AQ1 / USU14693AG73 / U14693AG7.
In accordance with the terms of the Tender Offer, the withdrawal deadline was 5 p.m., New York City time, on December 6, 2016. As a result, tendered Notes may no longer be withdrawn. The Tender Offer is scheduled to expire at 11:59 p.m., New York City time, on December 20, 2016. Because the Maximum Tender Amount has been reached, the Company does not expect to accept for purchase any Notes tendered after the Early Tender Date.
The Early Settlement Date for Notes validly tendered at or prior to the Early Tender Time and accepted for purchase is expected to occur on December 9, 2016. Payments for Notes that are validly tendered and accepted for purchase will include accrued and unpaid interest from the last interest payment date for the Notes up to, but not including, the Early Settlement Date.