Auto industry supplier Visteon Corporation on Tueday said it expects to increase the size of its planned 18-month secured term loan credit facility to US$350 million, up from the previously announced up-to-$300 million in response to strong market interest.
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Visteon announced on 8 December that it planned to replace an existing $300 million short-term secured revolving credit facility, due to expire on 15 December, with a new 18-month secured term-loan.
The new transaction is expected to close early next week. Visteon has appointed JPMorgan Securities and Citigroup as lead arrangers.
Visteon has also said previously it would seek amendments to the financial and other covenants contained in its existing $775 million multi- year revolving credit facility and its $250 million delayed draw term loan, both of which expire in June 2007, to provide flexibility as tit implements restructuring plans.
