Daily News: April 10, 2014

Citigroup Global Markets, Others Arrange Visteon Facility

Visteon Corporation entered into a credit agreement for a total commitment of $800 million, including a $600 million seven-year term loan B with a final maturity date of April 9, 2021, and a $200 million five-year revolving credit facility with a maturity date of April 9, 2019.

Citigroup Global Markets, Merrill Lynch, UBS Securities, Barclays Bank and Morgan Stanley Senior Funding served as joint arrangers and joint bookrunners for the new facilities.

Pricing on the new term loan was set at Libor plus 275 basis points, with a 0.75% LIBOR floor, and the term loan was issued at a 99.75 original issue discount. Pricing on the revolver is LIBOR + 275 basis points (subject to a grid based on ratings). The proceeds will be used to finance the redemption of the company’s existing 6.75% senior notes due in 2019, and for other corporate purposes. The company also provided notice today that it will redeem all remaining outstanding 2019 notes at the call price of 105.063% on May 9, 2014.

Visteon is a global automotive supplier delivering value for vehicle manufacturers and shareholders through businesses.