Visteon Corporation on Tuesday said it had closed on a new 18-month secured term loan of US$350 million.
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The new loan, which will expire on 20 June, 2007, replaces the company’s $300 million secured short-term revolving credit facility that expired on 15 December, 2005.
The new term loan was made a part of the company’s existing $775 million five-year facility agreement. The terms and conditions of the agreement were also modified to align various covenants with Visteon’s restructuring plans and to make changes to the consolidated leverage ratios.
Visteon also amended its $250 million delayed draw term loan agreement, which also expires in June 2007, to reflect substantially the same terms and conditions.
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