Exhibit 99.1
NEWS RELEASE
Media Contact: Roy Wiley 630-753-2627
Investor Contact: Ramona Long 630-753-2406
NAVISTAR COMPLETES SALE OF $190 MILLION IN SENIOR CONVERTIBLE BONDS; PROCEEDS WILL BE USED TO REPAY EXISTING DEBT
WARRENVILLE, Ill. - December 11, 2002 - Navistar International Corporation (NYSE: NAV) announced today
that it has priced $190 million of new senior convertible bonds to be sold in a private placement.
Of the net proceeds, $100 million will be used to repay the aggregate principal amount of existing 7.0
percent senior notes due February 1, 2003. The remaining funds will be used to repay other existing debt. The
bonds will be sold in a private placement and priced to yield 2.5 percent with a conversion premium of 30.0
percent on a closing price of $26.70.
The securities offered will not be or have not been registered under the Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable exemption from registration
requirements.
Simultaneous with the issuance of the convertible bonds, Navistar will enter into two derivative
contracts, the consequences of which will allow the Company to eliminate share dilution associated with the
convertible debt from the conversion price of the bond up to a 100 percent premium over the share price at
issuance. The maturity and terms of the derivatives match the maturity of the convertible bonds. These contracts
are not expected to affect earnings per share.
In connection with this arrangement, the seller of the derivative has informed Navistar that it intends
to purchase Navistar common shares in open-market transactions upon completion of the distribution of the
convertible bonds.
Headquartered in Warrenville, Ill., Navistar International Corporation (NYSE: NAV) is the parent company
of International Truck and Engine Corporation, a leading producer of mid-range diesel engines, medium trucks,
heavy trucks, severe service vehicles and a provider of parts and service sold under the International® brand. IC
Corporation, a wholly owned subsidiary, produces school buses. The company also is a private label designer and
manufacturer of diesel engines for the pickup truck, van and SUV markets. Additionally, through a joint venture
with Ford Motor Company, the company will build medium commercial trucks and currently sells truck and diesel
engine service parts. International Truck and Engine has the broadest distribution network in the industry.
Financing for customers and dealers is provided through a wholly owned subsidiary. Additional information can be
found on the company's web site at www.nav-international.com
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