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NAV > SEC Filings for NAV > Form 8-K on 23-Jul-2014All Recent SEC Filings

Show all filings for NAVISTAR INTERNATIONAL CORP

Form 8-K for NAVISTAR INTERNATIONAL CORP


23-Jul-2014

Entry into a Material Definitive Agreement, Financial Statements and


Item 1.01. Entry Into a Material Definitive Agreement

Amendment to ABL Facility

On July 3, 2014, Navistar, Inc. (the "Borrower") entered into an Amendment No. 2 (the "ABL Amendment") to (a) the Amended and Restated ABL Credit Agreement (as amended by Amendment No. 1, dated April 2, 2013, the "ABL Credit Agreement"), dated as of August 17, 2012, among the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent (the "ABL Agent"), and (b) the Amended and Restated Security Agreement, dated as of August 17, 2012 (as amended by Amendment No. 1, dated April 2, 2013, the "ABL Security Agreement"), between the Borrower and the ABL Agent, pursuant to which
(i) the borrowing base was amended to remove used truck inventory, (ii) the calculation of availability was revised to include cash collateral posted to support outstanding designated letters of credit, subject to a $40,000,000 cap, and (iii) the cash management provisions were amended to reflect intercreditor arrangements with respect to a proposed financing with Navistar Financial Corporation secured by a first priority lien on used truck inventory (and certain related assets). In connection with the removal of used truck inventory from the borrowing base, certain adjustments were made to the covenants to reflect that such assets were no longer included in the borrowing base. The ABL amendment also provides for a 1.00% reduction in the amount of the participation fee with respect to designated letters of credit in the event that all outstanding letters of credit are in excess of $50,000,000, such reduction applying only to the portion of designated letters of credit in excess of $50,000,000 for all outstanding letters of credit. The Borrower paid a fee of $175,000 to its asset based lenders in connection with the ABL Amendment.

The foregoing description of the ABL Amendment is qualified in its entirety by reference to the ABL Amendment, which is filed as Exhibit 10.1 and incorporated by reference herein. The ABL Amendment had no impact on the aggregate commitment level under the ABL Credit Agreement, which remains at $175,000,000.



Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

10.1 Amendment No. 2 to the Amended and Restated ABL Credit Agreement and the Amended and Restated Security Agreement, dated July 3, 2014, among Navistar, Inc., as Borrower, the financial institutions party thereto, and Bank of America, N.A., as Administrative Agent.


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