Credit Suisse and Bank of America are leading a three-year, $1.5 billion term loan "B" for Navistar International Corp. The deal is being used to refinance the company's outstanding notes. It launched following a bank meeting last Friday. Pricing on the term loan is LIBOR plus 4 3/4%. The loan received ratings of B1 from Moody's Investors Service and BB- from Standard and Poor's.
Based in Warrenville, Ill., Navistar is one of the leading producers of commercial trucks and mid-range diesel engines. Calls to a spokesman at Navistar were not returned by press time.