Visteon Corporation has closed on new European and US five-year revolving credit facilities with an aggregate availability of up to $US675m. The facilities replace the company’s multi-year secured revolving credit facility of $500m that was to expire in June 2007.
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The European receivables securitisation of $325m was led by Citigroup Global Markets, JPMorgan Securities and UBS Securities. The US secured revolver of $350m was led by JPMorgan Securities and Citigroup Global Markets.
“Closing on these facilities completes the financing we undertook earlier in the year, including a seven-year $800 m secured term loan completed in June,” said Visteon CFO James Palmer.
“The completion of our financing activities provides us with additional flexibility as we focus on implementing our three-year plan.”
