Visteon has said that it has received a new secured short-term credit agreement for $300 million.

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The company added that an existing five-year, $775 million facility and a $250 million draw term loan were amended and restated to have substantially the same terms as the new short-term agreement. Both existing facilities terminate in June 2007.


The new short-term facility expires either on Dec. 15, or five days after a financing pact with its former parent, Ford Motor Co., expires or is terminated, Visteon said.


The new facility and the amended and restated facilities are with a syndicate of financial institutions, lead by joint lead arrangers JPMorgan Chase Bank, N.A., and Citicorp USA, Inc.


“We are pleased with the continued support from financial institutions in our syndicate,” said James Palmer, Visteon’s executive vice president and chief financial officer.

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“The new short-term facility and amendments to existing facilities provide Visteon additional time to address our capital structure and liquidity requirements until such time as the agreement with Ford is finalized. We continue to work toward reaching a definitive agreement with Ford by the end of July and closing the transaction by the end of September.”