October 01, 2016 5:00 AM ET

Consumer Finance

Company Overview of Caterpillar Financial Services Corporation

Company Overview

Caterpillar Financial Services Corporation, together with its subsidiaries, provides retail and wholesale financing alternatives for Caterpillar Inc.’s (Caterpillar) products to customers and dealers worldwide. Its retail financing includes financing of Caterpillar equipment, machinery, and engines. The company also provides financing for vehicles, power generation facilities, and marine vessels primarily for Caterpillar products. In addition, it provides wholesale financing to Caterpillar dealers; and purchase short-term receivables from Caterpillar. The company was founded in 1981 and is headquartered in Nashville, Tennessee. Caterpillar Financial Services Corporation operates as a subsidi...

2120 West End Avenue

Nashville, TN 37203

United States

Founded in 1981

1,857 Employees

Phone:

615-341-1000

Key Executives for Caterpillar Financial Services Corporation

Chief Executive Officer, President and Director
Age: 61
Chief Financial Officer and Executive Vice President
Group President of Caterpillar Inc
Age: 65
President of Cat Financial Insurance Services
Age: 55
Principal Accounting Officer and Controller
Compensation as of Fiscal Year 2016.

Caterpillar Financial Services Corporation Key Developments

Caterpillar Financial Services Corporation Announces Results as of Early Participation Date and Determination of Pricing Terms of Exchange Offers

Caterpillar Financial Services Corporation announced the results, as of 5 p.m. EDT September 20, 2016 (the Early Participation Date), and the determination of the pricing terms of its previously announced private offers to exchange certain of its outstanding medium-term notes (collectively, the Existing Notes) for a combination of a new issue of the company's Medium-Term Notes, Series H, 1.931% Notes due 2021 (the New Notes) and cash (the Exchange Offers). Based on information, the exchange agent for the Exchange Offers, the condition that the aggregate principal amount of Existing Notes validly tendered for exchange and not validly withdrawn as of the Early Participation Date exceed the amount required for the issuance of at least $250 million aggregate principal amount of New Notes has been satisfied. In accordance with the terms and conditions of the Exchange Offers, the Company will accept any and all of the $380,850,000 aggregate principal amount of Medium-Term Notes, Series F, 5.85% Notes due 2017, Medium-Term Notes, Series F, 5.45% Notes due 2018 and Medium-Term Notes, Series F, 7.05% Notes due 2018 that were validly tendered for exchange and not validly withdrawn as of the Early Participation Date. The company expects to deliver New Notes and cash in exchange for such accepted Existing Notes on September 26, 2016 (the Early Settlement Date), subject to satisfaction or waiver of the conditions to the Exchange Offers and in accordance with the other terms and conditions disclosed in the company's confidential offering memorandum dated September 7, 2016 (the Confidential Offering Memorandum).

Caterpillar Inc. Enters into Credit Agreement Among Caterpillar, Caterpillar Financial Services Corporation, Caterpillar International Finance Limited and Caterpillar Finance Kabushiki Kaisha

On September 8, 2016, Caterpillar Inc. entered into a Credit Agreement among Caterpillar, Caterpillar Financial Services Corporation, Caterpillar International Finance Limited and Caterpillar Finance Kabushiki Kaisha, certain financial institutions named therein (the Banks), Citibank, N.A. (the Agent), Citibank International Limited (the Local Currency Agent), and The Bank of Tokyo-Mitsubishi UFJ Ltd. (the Japan Local Currency Agent), which provides for an unsecured revolving credit facility to the Borrowers in an aggregate amount of up to $3.05 billion (the 364-Day Aggregate Commitment) and expires on September 7, 2017. A Local Currency Addendum that enables CIF to borrow in certain approved currencies including Pounds Sterling and Euro for an aggregate amount up to the equivalent of $100 million and a Japan Local Currency Addendum that enables CFC to borrow Japanese Yen for an aggregate amount up to the equivalent of $100 million, as part of the 364-Day Aggregate Commitment, were also entered into on September 8, 2016. On September 8, 2016, Caterpillar entered into (i) Omnibus Amendment No. 1 to Amended and Restated Credit Agreement (Three Year Facility), Amendment No. 1 to Local Currency Addendum and Amendment No. 1 to Japan Local Currency Addendum, each dated September 8, 2016 (collectively, the Three-Year Facility Amendment), which amend the Amended and Restated Credit Agreement (Three-Year Facility) dated September 10, 2015 and the related Local Currency Addendum and Japan Local Currency Addendum (collectively, the 2015 Three-Year Facility) and (ii) Omnibus Amendment No. 1 to Amended and Restated Credit Agreement (Five-Year Facility), Amendment No. 1 to Local Currency Addendum and Amendment No. 1 to Japan Local Currency Addendum, each dated September 8, 2016 (collectively, the Five-Year Facility Amendment), which amend the Amended and Restated Five-Year Credit Agreement (Five-Year Facility) dated September 10, 2015 and the related Local Currency Addendum and Japan Local Currency Addendum (collectively, the 2015 Five-Year Facility and the 2015 Three-Year Facility and the 2015 Five-Year Facility as amended by the Three-Year Facility Amendment and the Five-Year Facility Amendment, respectively, the Amended Credit Facilities, and together with the 364-Day Facility, the Credit Facilities). The Three-Year Facility Amendment extends the expiration date of the 2015 Three-Year Facility to September 10, 2019 and the Five-Year Facility Amendment extends the expiration date of the 2015 Five-Year Facility to September 10, 2021. The Amended Credit Facilities also modify the terms of each of the 2015 Three-Year Facility and the 2015 Five-Year Facility to be consistent with certain terms and conditions of the 364-Day Facility, including, without limitation, terms and conditions of advances, use of proceeds and Borrower representations and warranties.

Caterpillar Financial Services Corporation Commences Exchange Offers for its Outstanding Medium-Term Notes

Caterpillar Financial Services Corporation announced the commencement of offers to exchange its outstanding medium-term notes for a combination of a new issue of the company's Medium-Term Notes, Series H due 2021 and cash. The purpose of the exchange offers is to reduce the weighted average cost of debt for the company by refinancing existing notes with new notes at a lower coupon than the respective coupons applicable to all series of the existing notes and extend the maturity of the debt obligations associated with the existing notes during a time of favorable market conditions. Upon the terms and subject to the conditions of the exchange offers, the company is making three separate exchange offers to eligible holders to exchange any and all of the company's outstanding Medium-Term Notes, Series F, 5.85% Notes due 2017, Medium-Term Notes, Series F, 5.45% Notes due 2018 and Medium-Term Notes, Series F, 7.05% Notes due 2018 for the New Notes and cash. Title of the medium-term notes for exchange are Medium-Term Notes Series F, 5.85% Notes due 2017; Medium-Term Notes Series F, 5.45% Notes due 2018; Medium-Term Notes Series F, 7.05% Notes due 2018. The new notes will mature on October 1, 2021. The exchange offers will expire on October 4, 2016, unless extended by the company. Tenders of existing notes in the exchange offers may be validly withdrawn at any time prior to September 20, 2016, subject to extension by the company, but not thereafter, except in certain limited circumstances where additional withdrawal rights are required by law.

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