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Apr 23, 2013

Navistar Navigates a Critical Refinancing * USA

* Illinois - Analysts say the $12 billion company's liquidity is "tight" 


Warrensville,ILL,USA -CFO, by Vincent Ryan -April 19, 2013: -- Is Navistar done paying for its past mistakes? The major player in the market for heavy-duty trucks and school buses amended its loan agreements earlier this month, lowering interest rates overall and gaining some other concessions from lenders. But analysts don’t think the company went far enough to bolster its liquidity and added insult to injury by paying some upfront fees to renegotiate its debt... Vicki Bryan, an analyst at Gimme Credit, said in a report that the credit-facility amendments were “more likely executed to help Navistar’s bankers – rather than Navistar or its investors – sleep easier at night” ... But Anthony Aiello, director of corporate finance at Navistar, told CFO.com that that’s untrue. “None of this was driven by the lenders,” he says “It was not driven at all by uncomfortableness from the lender’s perspective” ...

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