Case Credit Prices ABS Transaction.RACINE, Wis.--(BUSINESS WIRE)--Aug. 18, 1998--Case Credit Corporation, the financial services arm of Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ) and one of the world's largest equipment financing companies, today announced the pricing of a $612.5 million asset-backed securitization by its subsidiary, Case Receivables II Inc. The securities are backed primarily by U.S. agricultural and construction equipment retail receivables contracts and finance leases originated through Case dealerships. This transaction is Case Corporation's first securitization involving finance leases. The issue includes five classes of public notes: $112.7 million of 5.608% Class A-1 notes; $200.0 million of 5.772% Class A-2 notes; $140.0 million of 5.888% Class A-3 notes; $134.8 million of 5.997% Class A-4 notes; and $25.0 million of 6.066% Class B notes. The Class A and Class B notes are ERISA-eligible investments. A condition of closing is that the Class A-1 notes are rated "P-1/A-1+", Class A-2, Class A-3 and Class A-4notes are rated "Aaa/AAA", and Class B notes are 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 and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index . The notes are expected to be rated prior to the closing of the offering, which is tentatively scheduled for August 25, 1998. Past Case Credit ABS offerings in the United States have received similar ratings. 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 & Co. Co-managers for the A notes are Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , First Union Capital Markets, J.P. Morgan & Co., NationsBanc Montgomery Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Salomon Smith Barney. Co-manager for the B notes is Salomon Smith Barney. Case Credit's use of securitization is consistent with its continuing strategy to leverage its financing options and broaden its access to traditional capital markets at the lowest effective rates. Case Credit will apply the proceeds from this securitization to repay outstanding debt and fund its growing portfolio of receivables. Case Credit Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Case Corporation (CSE), has been serving the financing needs of Case customers since 1957. Case Credit will soon become a subsidiary of the recently announced Case Capital Corporation, which is to operate as a broad-based financing company for the global marketplace. Today, Case Credit provides financing to customers purchasing, leasing and insuring equipment through established dealer networks located primarily in North America, Europe and Australia. Based in Racine, Wisconsin, Case Credit services a $5.8 billion portfolio of receivables and leases. Case Corporation, with revenues of $6.0 billion in 1997, is a leading designer, manufacturer and distributor of agricultural and construction equipment A copy of the prospectus relating to the notes may be obtained from Merrill Lynch & CO., World Financial Center - North Tower, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10281.
CONTACT: Case Credit Corporation, Racine
Sandra J. Lasch, 414/636-6473
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