Visteon Corporation has finalised a new seven-year secured term loan of $US800m.
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Most of the proceeds from the loan were used to repay amounts outstanding under the company’s existing credit facilities that were scheduled to expire in June 2007, including a $350m 18-month term loan and a $241m delayed draw term loan.
Visteon has also repaid $50m of borrowings under the company’s $771m multi-year secured revolving credit facility and reduced the amount available under that facility to $500m.
The parts maker expects to eliminate the multi-year revolver upon completion of new US and European five-year revolving credit facilities and has received commitments for these facilities totalling $700m from JPMorgan Chase Bank, NA and Citigroup Global Markets, and expects to complete the transactions over the next several weeks.
“We are following through on our plan to refinance on a longer term basis all of our near-term credit facilities that expire in June 2007,” said Visteon executive vice president and chief financial officer James Palmer.
“This is an important step in Visteon’s three-year improvement plan.”
