Navistar International announced it is refinancing the $697.5 million senior secured term loan facility of Navistar, which matures in August 2017, with a new $1.04 billion senior secured term loan, which will mature in August 2020. The refinancing will extend the maturity of the term loan facility and provide additional liquidity and financial flexibility for the company.

J.P. Morgan Securities, Goldman Sachs Lending Partners and Credit Suisse Securities (USA) will serve as joint lead arrangers and joint bookrunners.  JPMorgan Chase will serve as administrative agent and collateral agent.

“The company’s financial condition and results continue to improve steadily, and we have begun to generate positive cash flow,” said Walter G. Borst, Navistar chief financial officer.