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.