JPMorgan and Citigroup have launched syndication of an 18-month secured term loan for up to $300 million for Visteon Corp. The deal replaces an existing $300 million short-term secured revolving credit facility, set to expire Dec. 15. Price talk is LIBOR plus 4 1/2%.
The company intends to seek amendments to its existing $775 million multi-year revolver and its $250 million delayed-draw term loan, both of which expire in June 2007, to help with the company's restructuring plans.
Based in Van Buren Township, Mich., Visteon designs, engineers and manufactures climate, interior, electronic and lighting products for vehicle manufacturers. In the past month, the company's delayed-draw term loan has stayed level trading around 100.475-101.475, according to Markit, while its bonds have bounced around a bit (CIN, 11/14) and at press time had a best price of 78.5. A company spokesman declined to comment.