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03-19-2013, 06:24 PM
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#1
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Senior Member
Monaco Owners Club
Join Date: Feb 2011
Location: Signal Hill, California
Posts: 3,320
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Navistar seeks 1 BILLION loan adjustment
Navistar International Corp. today announced that it is pursuing an amendment to the $1 billion senior secured term loan facility of Navistar Inc.
According to a news release, the term loan amendment is expected to include an interest rate repricing, the extension of the maturity date from July 16, 2014, to August 17, 2017, and amendments to certain covenants to provide the company with additional operating flexibility.
Concurrently with the effectiveness of the term loan amendment, the company intends to issue up to $300 million of unsecured debt and to use the net proceeds to repay a portion of the principal of the term loan.
Navistar said the proposed amendment of the term loan is subject to lender consent, the company’s issuance of unsecured debt and other conditions, and may not occur as described or at all. The company intends to hold a bank call with lenders on March 20, 2013, to discuss the proposed amendments to the term loan.
deSanford
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Sanford, Linda & R cats: Molly, Levi, Cody
2011 Monaco by Navistar RV
Good Sam Life Member Good Sam Hams Chapter
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03-19-2013, 07:07 PM
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#2
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Senior Member
Monaco Owners Club
Join Date: Jul 2011
Posts: 2,200
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Companies do this all the time. Nothing new about it.
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Thom and Christine having fun in a 1993 Monaco Crown Royale Signature Series 40ft 300hp RV. Towing a Fiat 500 Abarth and a Harley.
Our blogged repairs and travels
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03-19-2013, 07:28 PM
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#3
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Senior Member
Mid Atlantic Campers Forest River Owners Club Freightliner Owners Club
Join Date: Jun 2010
Location: Mechanicsburg, PA
Posts: 541
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I think the point is they are trying to tread water to save their lives...
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Earl
2013 Berkshire 390BH 360
My Albums
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03-19-2013, 07:52 PM
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#4
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Senior Member
Join Date: Jul 2012
Location: Fulltime, USA
Posts: 16,706
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A regular tool used during corporate restructuring.
Hay, lower rate, longer term, means capital to utilize.
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03-20-2013, 09:03 AM
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#5
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Senior Member
Join Date: Jul 2000
Posts: 4,034
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Heck, after Traps pays for his new unit they will be able to repay the loan!
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Moisheh
2008 Dynasty 42' Diamond IV
1988 Bluebird PT38
2009 Silverado Toad
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03-20-2013, 09:07 AM
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#6
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Senior Member
Monaco Owners Club
Join Date: Sep 2010
Location: Alberta
Posts: 1,429
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Quote:
Originally Posted by moisheh
Heck, after Traps pays for his new unit they will be able to repay the loan!
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And have some money left over 
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Trap, Jan and the Pup
2013 Monaco Diplomat 43dft
2010 Black Jeep Liberty
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03-20-2013, 04:02 PM
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#7
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Senior Member
Monaco Owners Club
Join Date: Feb 2011
Location: Signal Hill, California
Posts: 3,320
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I wonder if Navistar would take an order for a Diplomat with the new #13 diesel? deSanford
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Sanford, Linda & R cats: Molly, Levi, Cody
2011 Monaco by Navistar RV
Good Sam Life Member Good Sam Hams Chapter
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03-20-2013, 04:13 PM
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#8
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Senior Member
Join Date: Nov 2008
Location: Cosby, Tn
Posts: 6,587
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Quote:
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Originally Posted by deSanford
I wonder if Navistar would take an order for a Diplomat with the new #13 diesel? deSanford
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I doubt it. But they would and have taken orders for the Dynasty with the MF13.
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Steve Ownby
Full time since 2007
2003 Monaco Signature
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03-20-2013, 06:29 PM
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#9
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Senior Member
Monaco Owners Club
Join Date: Oct 2009
Location: On the road
Posts: 2,123
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Quote:
Originally Posted by moisheh
Heck, after Traps pays for his new unit they will be able to repay the loan!
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X2  after he trades the 2013 
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Happy Trails, 
06 Dynasty Countess III ISL//3060
07 Hummer H3
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03-20-2013, 06:54 PM
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#10
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Registered User
Join Date: May 2001
Location: Greer, SC
Posts: 670
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This is interesting. Would love to hear the terms they are proposing. Sounds like a bit of cash to the lender in exchange for a longer term. Maybe lower interest rate?
Not sure how they could peddle any unsecured bonds unless they have a sky high interest rate. Their balance sheet is a mess, so I'm curious how this will all be received.
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03-20-2013, 08:23 PM
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#11
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Senior Member
Monaco Owners Club
Join Date: Feb 2011
Location: Signal Hill, California
Posts: 3,320
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It seems to me that they have to make a HUGE profit on whatever they sell to pay off a 1 Billion debt.......not to mention the interest due each year of the loan. They have one disadvantage they can't print their own money. deSanford
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Sanford, Linda & R cats: Molly, Levi, Cody
2011 Monaco by Navistar RV
Good Sam Life Member Good Sam Hams Chapter
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03-22-2013, 06:39 AM
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#12
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Senior Member
Join Date: Jan 2013
Posts: 344
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Labor rate at our local International/Navistar dealership is $125.00 an hour. Is that sort of standard?
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03-22-2013, 06:52 AM
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#13
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Senior Member
Monaco Owners Club
Join Date: Feb 2011
Location: Signal Hill, California
Posts: 3,320
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That's a good rate considering what our dollar is worth today. deSanford
__________________
Sanford, Linda & R cats: Molly, Levi, Cody
2011 Monaco by Navistar RV
Good Sam Life Member Good Sam Hams Chapter
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