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Citigroup, Merrill Lynch Among Lenders in Visteon’s $800MM Credit Facility

April 10, 2014, 07:43 AM
Filed Under: Automotive

Visteon Corporation entered into a credit agreement for a total commitment of $800 million, including a $600 million seven-year term loan B with a final maturity date of April 9, 2021, and a $200 million five-year revolving credit facility with a maturity date of April 9, 2019.

Pricing on the new term loan was set at Libor plus 275 basis points, with a 0.75% Libor Floor, and the term loan was issued at a 99.75 original issue discount.  Pricing on the revolver is Libor + 275 basis points (subject to a grid based on ratings). The proceeds will be used to finance the redemption of the company's existing 6.75% senior notes due in 2019, and for other corporate purposes. The company also provided notice today that it will redeem all remaining outstanding 2019 notes at the call price of 105.063% on May 9, 2014.

Citigroup Global Markets Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; UBS Securities LLC; Barclays Bank PLC; and Morgan Stanley Senior Funding, Inc. served as joint arrangers and joint bookrunners for the new facilities.

Visteon is a leading global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses including Halla Visteon Climate Control Corp., Visteon Electronics and Visteon Interiors. Visteon designs, engineers and manufactures innovative components and systems for virtually every vehicle manufacturer worldwide. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Chelmsford, UK; Visteon has facilities in 29 countries and employs about 24,000 people. Visteon had sales of $7.4 billion in 2013.

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