Navistar announced it is pursuing an amendment of its $1 billion senior secured term loan facility. The company said the amendment is expected to include an interest rate re-pricing, the extension of the maturity date to August 17, 2017 and amendments to certain covenants to provide the company with additional operating flexibility.

Apart from the amendment, Navistar also announced that it is planning to offer $300 million of unsecured debt. The proceeds from this debt will be used to repay some amount of the term loan. According to a related 8-K filing, Bank of America will act as administrative agent, managing agent and a committed purchaser.