Navistar International Corporation ( NAV ) announced the amendment of its $1 billion senior secured term loan facility. Under the amendment, maturity date was extended from Jul 16, 2014 to Aug 17, 2017 and it is expected to include an interest rate repricing. On Aug 2012, Navistar, had borrowed an aggregate principal amount of $1 billion under the Term Loan Credit Facility. The proceeds from this loan were used to repay all borrowings under Navistar's existing Asset-Based Credit Facility. Navistar also intended to use the term loan for supporting the adoption of after-treatment solution, which will accelerate delivery of the company's next-generation clean engine solution. The facility will also support the market transition plan for Class 8 engines, thus providing financial flexibility to the company. However, the company's interest expenses had increased due to this additional borrowing.