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Navistar Financial places short-term notes worth 38M Mexican pesos

Mexico's Navistar Financial SA de CV Sociedad Financiera de Objeto Múltiple Enti on Feb. 22 will place short-term notes worth 38.0 million Mexican pesos as a part of a 1.80 billion peso debt program, according to a securities filing.

The 182-day "NAVISTS 00318" bonds carry a 9.42% gross annual interest rate, the company said.

Navistar Financial will use proceeds from the offering for working capital.

As of Feb. 20, US$1 was equivalent to 18.66 Mexican pesos.