Daily News: March 28, 2017

Citibank Agents Visteon Refinancing


Visteon amended and extended its $350 million term loan due in 2021 to a new seven-year term loan maturing in 2024, to, among other things, reduce the margin applicable to the term loans. The company also extended and upsized its existing $200 million revolving credit facility to $300 million, which now matures on March 24, 2022.

Citibank served as administrative agent.

Loans under the refinancing facilities may be maintained from time to time at an interest rate equal to the applicable domestic rate or the LIBOR-based rate. The base rate will be a fluctuating rate per annum equal to the highest of the rate equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published by the Federal Reserve Bank of New York on the following business day, plus 0.50%; the rate established by the administrative agent as its prime rate at its principal U.S. office and the Eurodollar Rate plus 1%.

Up to $75 million of the revolving facility is available for the issuance of letters of credit, and any such issuance of letters of credit will reduce the amount available for new revolving credit loans. Up to $20 million of the revolving facility is available for swing line advances.

Visteon is a global company that designs, engineers and manufactures cockpit electronics products and connected car solutions for vehicle manufacturers.