Case Credit Corporation announces pricing on $650 million of asset-backed securities; $275 million prefunded.Corporation today announced that its subsidiary, Case Receivables II Inc., priced an offering on $650 million of asset-backed securities (ABS). The issue includes $26 million of 6.45 percent Class B certificates and three classes of notes: o $100 million of 5.825 percent class A-1 money-market notes; o $230 million of 5.95 percent class A-2 notes; and, o $294 million of 6.15 percent class A-3 notes. The transaction is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the class A-1 notes being rated "P-1/A-1+," the class A-2 and class A-3 notes being rated "Aaa/AAA" and the certificates being rated "A3/A-" by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and Standard & Poor's Ratings Services. The notes and certificates are expected to be rated prior to the closing of the offering, which is tentatively scheduled for September 26, 1995. Past Case Credit U.S. ABS offerings have received similar ratings. The securities are backed by U.S. agricultural and construction equipment retail receivables contracts originated through Case dealerships. Lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for the notes and certificates is Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. Co-managers for the notes are BA Securities, Inc., CS First Boston First Boston Corporation was a New York-based investment bank, founded in 1932 and acquired by Credit Suisse in 1988, when it became 'CS First Boston'. Globally referred to as Credit Suisse First Boston after 1996, the First Boston part of the name was phased out in 2006. , J.P. Morgan Securities Inc., NationsBanc Capital Markets, Inc. and Salomon Brothers Inc. Co-manager for the certificates is J.P. Morgan Securities Inc. Case Credit has been active in the ABS market since 1992, with offerings totaling more than $4.4 billion. Case Credit uses ABS transactions to increase its range of financing options and to broaden its access to traditional capital markets. Case Credit will apply the proceeds from this sale to repay outstanding debt and to fund the related receivables. Case Credit Corporation, a wholly-owned subsidiary of Case Corporation, has been serving the financing needs of Case customers since 1957. Today, the company provides financing to more than 165,000 customers purchasing and leasing agricultural and construction equipment. Case Credit products and services are available through a dealer network of about 1,300 locations in the United States and Canada. Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ), with 1994 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of $4.3 billion, is a leading worldwide designer, manufacturer and distributor of agricultural and construction equipment. Headquartered in Racine, Wisconsin, the company's products are sold through a network of approximately 4,100 independent dealers and distributors in more than 150 countries. NOTE: Copies of a prospectus for the offering may by obtained by contacting Robert Wegner, vice president and controller, Case Credit Corporation, 5729 Washington Avenue, Racine, WI, 53404, (414) 636-5299. CONTACT: Case Corporation, Racine William B. Masterson, 414/636-5793 Amy J. Murphy, 414/636-5605 |
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