Navistar International Corp. said that it has closed on $190 million of new senior convertible bonds sold in a private placement. The non-callable bonds, with a 2.5% coupon and five-year maturity, were priced at par and are convertible into 5.5 million shares of Navistar common stock at $34.71 per share, a 30% premium to the closing price at the date of the convertible bond issuance. The company said the bonds are guaranteed by International Truck and Engine Corp. and rank equally with other unsecured indebtedness of Navistar International. The net proceeds of this issuance will be used to repay existing debt, including $100 million of 7% senior notes maturing February 2003. The securities will not be 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, Navistar said.