Visteon sets pricing on $800 million credit facility

By Paul A. Harris

Portland, Ore., March 24 - Visteon Corp. set price talk for its $800 million credit facility, a market source said on Monday.

A $600 million seven-year senior secured term loan B is talked at a Libor spread of 275 basis points to 300 bps with a 0.75% Libor floor at an original issue discount of 99.5. It comes with 101 soft call protection for six months, 1% annual amortization and a customary covenant package.

A $200 million five-year senior secured revolver is talked at Libor plus 275 bps subject to a grid based on total net leverage.

Commitments are due on April 3.

Citigroup Global Markets Inc. is the left bookrunner. BofA Merrill Lynch, UBS Investment Bank, Barclays and Morgan Stanley & Co. LLC are joint bookrunners.

Visteon is a Van Buren Township, Mich., automotive supplier.

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