CNH,--CNH Announces $1.0 Billion Senior Notes Offering

CNH Global N.V. (NYSE: CNH) today announced its wholly owned subsidiary, Case New Holland Inc., plans to offer approximately $1.0 billion of senior notes due in 2017. The notes will be guaranteed by CNH Global N.V. and certain other direct and indirect equipment subsidiaries of CNH Global N.V. The company expects to complete the transaction in the next few days. Case New Holland, Inc. intends to use the proceeds from the offering primarily for the repayment of debt, including redemption of the outstanding $500 million aggregate principal amount of its 7.125% Senior Notes due 2014 and repayment of debt owed to Fiat. Any remaining proceeds would be used for general corporate purposes. Pending application of the net proceeds, Case New Holland, Inc. would expect to hold some or all of the proceeds in the form of cash, cash equivalents or deposits under cash management pools with Fiat affiliates.