CNH Industrial N.V. has priced a €500 million Euro Medium Term Note (EMTN) with a 3.625 % coupon, maturing on January 26, 2033. The notes were issued at 98.984 % of principal and are expected to close on November 26, 2025. They will be listed on the Global Exchange Market of Euronext Dublin and are available to institutional investors outside the United States.
The proceeds will be directed toward general corporate purposes, including the repayment of existing debt. This financing move extends CNH’s debt maturity profile, reducing short‑term refinancing risk and providing liquidity to support ongoing operations and strategic initiatives. The company’s Q3 2025 results showed a 5 % decline in consolidated revenue and a sharp contraction in adjusted EBIT margin from 10.2 % in Q3 2024 to 4.6 % in Q3 2025, largely driven by tariff costs and an unfavorable geographic sales mix. Despite these headwinds, CNH maintains strong liquidity, with a current ratio of 5.18 and a free‑cash‑flow yield of 17 % over the trailing twelve months.
CNH’s strategic business plan targets a 16‑17 % agriculture mid‑cycle adjusted EBIT margin by 2030, emphasizing product leadership and margin expansion. The new notes provide the financial flexibility needed to invest in technology integration and product development, which are central to the company’s long‑term growth strategy. Management has highlighted disciplined production levels and a focus on reducing channel inventories as key tactics to navigate near‑term demand softness.
The issuance aligns with CNH’s established Euro Medium Term Note Programme, which has enabled the company to access capital markets efficiently in Europe. By issuing debt in euros, CNH also mitigates currency risk relative to its euro‑denominated operating cash flows. The decision to list on Euronext Dublin follows standard practice for European debt issuances, offering a regulated trading venue for investors.
Overall, the €500 million note issuance is a routine but strategically significant financing event that strengthens CNH’s balance sheet and supports its ongoing efforts to navigate market headwinds while pursuing long‑term margin and growth objectives.
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