Navistar Seeks Flexibility.(Navistar International Corp.)(Credit Suisse Group)(Brief article)

Navistar International Corp. announced last Wednesday that it is seeking an amendment to its previously announced $1.5 billion, three-year senior unsecured term loan, arranged by Credit Suisse with Bank of America, Citigroup and JPMorgan.

The amendment to the facility, currently guaranteed by parent company International Truck and Engine Corp., would provide Navistar with additional flexibility, in part allowing it to borrow its remaining loan balance by August 9, 2006, and then place those funds in escrow to repay, discharge or cure existing defaults under its outstanding 2.5% senior convertible notes by December 21, 2006, according to a company release.

…