WARRENVILLE, Ill. (AFX) - Truck and engine maker Navistar International Corp. on Tuesday offered to buy back its outstanding $190 million in 2.5 percent senior convertible notes due 2007.
The cash tender offer will expire July 25, the company said. It is the final step in Navistar's effort to replace its capital structure with a new $1.5 billion, three-year unsecured credit facility, Chief Financial Officer and Vice Chairman Robert C. Lannert said in a statement.
Citigroup, Credit Suisse and Banc of America Securities LLC will act as dealer managers for the tender offer and consent solicitation. Global Bondholder Services Corp. will act as the information agent.
Navistar shares closed down 43 cents at $23.48 on the New York Stock Exchange.
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