CNH Industrial Capital LLC priced $500 million in senior unsecured notes due 2031 at an issue price of 99.086 % of par, carrying a 4.375 % coupon and paying interest semi‑annually beginning March 7 2026. The offering is expected to close on January 8 2026.
The proceeds will be added to CNH’s general funds and used for working capital and other general corporate purposes, including the potential repayment of CNH Industrial Capital LLC’s maturing debt. The financing provides liquidity to support ongoing operations and potential capital expenditures amid a cyclical downturn in the company’s agriculture and construction businesses.
The debt issuance comes as CNH reports a challenging financial period. In Q3 2025, the company posted net income of $67 million and diluted EPS of $0.06, a sharp decline from $310 million and $0.24 in Q3 2024. Consolidated revenues fell 5 % year‑over‑year, with the agriculture segment down 11 % and the construction segment up 8 %. Adjusted EBIT margins were 5.7‑6.2 % for agriculture and 1.7‑2.2 % for construction, reflecting margin pressure from pricing and volume dynamics.
Management highlighted the need for liquidity in a statement: “While we continued to face challenging market conditions this quarter, the CNH team’s resilience and dedication allowed us to navigate through them effectively and in line with our targets.” The company’s strategy of issuing debt has been consistent, with a €500 million note due 2033 in November 2025 and a $500 million note due 2030 in September 2025.
Analysts have noted concerns about agricultural demand in North America and ongoing margin pressures, underscoring the importance of the new financing to maintain financial flexibility. The notes add to CNH’s debt profile but are structured to support the company’s long‑term investment plans and operational resilience.
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