Navistar International Corp. will be offering 10,666,666 shares of stock in a public offering. set a price of $18.75 per share for the offering.
Closing is expected to occur on Oct. 30, 2012. Also, the company noted that it will grant the underwriters a 30-day option to purchase up to 1.6 million shares of common stock.
Proceeds from the offering will be used for general corporate purposes, the company said.
J.P. Morgan Securities LLC, Goldman, Sachs & Co., BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering.
As of about 9:30 a.m. this morning, shares of Navistar were trading down 20 cents at $18.88. On Feb. 3, 2012, shares were trading at $48.18. There are 68.59 million outstanding shares as of this morning.