Navistar International Corp. has completed the sale of a total of 7,755,030 shares of its common stock par value $.10 per share, at a price of $22.566 per share and an aggregate purchase price of $175 million.
The sale was made to three of the employee benefit plan trusts of International Truck and Engine Corp.
Navistar filed a Form S-3 Registration Statement with the Securities and Exchange Commission last Friday in order to permit the benefit plan trusts to have fully registered stock, which is able to be sold from time to time in the public market. This S-3 filing is in accordance with the company's agreement with the benefit plan trusts to file a registration statement within 30 days of the sale. The company also agreed to use its best effort to cause the registration statement to be declared effective no later than Feb. 6, 2003, subject to certain exceptions.
Each trust has appointed an investment manager who has been given discretionary authority regarding voting and disposition of the Navistar stock in a manner consistent with maximizing the value of the respective trust's investment.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
A written prospectus meeting the requirements of Section 10 of the Securities Act, when available, may be obtained from the company by writing: Navistar International Corp., 4201 Winfield Road, P.O. Box 1488, Warrenville, Ill. 60555
Headquartered in Warrenville, Ill., Navistar International Corp. is the parent company of International Truck and Engine Corp., a leading producer of mid-range diesel engines, medium trucks, heavy trucks, severe service vehicles and a provider of parts and service sold under the International brand.