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Delphi's $2 billion DIP facility firming at Libor plus 275 bps, on wide end of talk
By Paul A. Harris
St. Louis, Oct. 25 - Bankrupt auto parts supplier Delphi Corp.'s $2 billion debtor-in-possession financing facility was firming at Libor plus 275 basis points, the wide end of the Libor plus 250 to 275 basis point price talk, a buyside source told Prospect News on Tuesday.
JP Morgan and Citigroup are leading the deal.
The facility is comprised of a $1.75 billion revolving credit facility and a $250 million term loan.
Proceeds will be used to fund post-bankruptcy operating expenses, including supplier obligations and employee wages, salaries and benefits.
Delphi is a Troy, Mich., supplier of vehicle electronics, transportation components, integrated systems and modules, and other electronic technology to vehicle manufacturers.
Delphi filed for Chapter 11 bankruptcy protection Oct. 7 in the U.S. Bankruptcy Court for the Southern District of New York.
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