CNH INDUSTRIAL COMMENCES A FIRST TRANCHE OF ITS $300 MILLION SHARE BUYBACK PROGRAM
London, September 19, 2022
CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that it is launching a first tranche of $50 million share buyback (the “Tranche”) in the framework of its $300 million share buyback program previously announced on July 29, 2022 (the “Program”). Subject to market and general business conditions, the Program is intended to last until the earlier of the completion of the purchases up to $300 million or October 12, 2023. Funded by the Company’s liquidity, the Program is intended to optimize the capital structure of the Company and allow the Company to meet the obligations arising from the existing equity incentive plans.
The Program follows the €100 million share buyback program, which was completed on September 14, 2022.
CNH Industrial has entered into a non-discretionary arrangement with a financial intermediary to conduct this first Tranche of the Program. Under this agreement purchases may continue during any closed periods of the Company in accordance with the applicable regulations. The purchases will be executed on Euronext Milan and on multilateral trading facilities (MTFs) in compliance with the Market Abuse Regulation and the terms and conditions of the existing authority granted by the general meeting of shareholders on 13 April 2022.
The actual timing, number and value of common shares repurchased on the Euronext Milan will depend on a number of factors, including terms and conditions of the agreement with the financial intermediary and market and general business conditions.
CNH Industrial will provide weekly updates on the progress of the Program via a press release and its website bit.ly/CNHI_Buyback.
As of September 16, 2022, the Company currently holds 16,214,663 common shares in Treasury.