Navistar Financial Corp. was back was in the market last week with $600 million in a truck loan- and lease-backed private placement. The deal represents a refinancing of the $500 million series 2000-1 deal out of Navistar's Truck Retail Installment Paper trust. Navistar Vice President and Treasurer, A.J. Cederoth, said the company does not have plans to enter with another TRIP offering until its 2005-1 deal nears maturity. "Our plans will be to refinance in five years," he said.
JPMorgan Securities led the five-year deal, which was being marketed last week in the low 20 basis point area over one-month Libor for the senior A tranche and in the low 50 basis point area over Libor for the single-A rated B class, as of press time. By way of comparison, the Class A tranche of the 2000-1 deal, also five-year paper, priced at 34 basis points over one-month Libor.