Delphi outlines expected pricing on $5.3 billion exit financing facility

By Sara Rosenberg

New York, Jan. 3 - Delphi Corp. revealed the anticipated pricing on its $5.3 billion exit financing credit facility, according to an 8-K recently filed with the Securities and Exchange Commission.

The $1.6 billion ABL revolver is anticipated at Libor plus 225 basis points and the $3.7 billion first-lien term loan is anticipated at Libor plus 375 bps.

A bank meeting date to launch the credit facility has not yet been announced, but there are some rumors going around that the deal could launch as early as next week, sources said.

JPMorgan and Citigroup are the lead banks on the deal.

Other exit financing will come from a $750 million second-lien note at 9.5% that will be raised in the capital markets and a $750 million second-lien note at 9.5% that will be issued to General Motors Corp. in connection with plan of reorganization distributions.

Proceeds will be used to repay the company's debtor-in-possession financing facility, to fund other payments required upon emergence from Chapter 11 and to conduct post-reorganization operations.

Delphi is a Troy, Mich.-based automotive electronics manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.