CNH Global Closes Note Offering

BURR RIDGE, Ill. (AP) — CNH Global NV, which makes tractors and other agricultural equipment, said Monday it has completed its private offering of $1 billion in 7.75 percent senior notes due 2013 at an issue price of 97.06 percent.

The net proceeds were about $955 million after expenses. The proceeds will go for debt repayment and other purposes.

The notes will pay interest semiannually on March 1 and Sept. 1 of each year, beginning on March 1, 2010. The notes will mature on Sept. 1, 2013.

Shares dropped $1.25, or 6.8 percent, to $17.20 in afternoon trading.