According to a Navistar Financial Corporation press release, the company has completed a $100 million trade receivables securitization program. Navistar explained in the statement that the liquidity is provided by one of its “relationship banks” and the program will provide it with cash proceeds of up to $100 million through the ongoing sale of its fleet receivables, previously purchased from Navistar.
Navistar Executive Vice President and Chief Financial Officer Walter Borst said in the statement that this move enhances Navistar’s financial flexibility by providing an additional source of funding for NFC’s operations.
“Consistent with improvements in capital markets, NFC has executed a number of successful transactions in recent months that will help reduce debt costs, enhance liquidity and improve working capital,” Borst explained in the release.
Earlier this week in fleet management news, Verizon Networkfleet and J.J. Keller announced a partnership to create a GPS-enabled fleet management device for regional and longhaul trucking.