Visteon secures $200 million term loan add-on

By Angela McDaniels

Seattle, Nov. 27 - Visteon Corp. increased its term loan due 2013 by $200 million to $1 billion, according to a company news release.

The term loan had a $100 million accordion feature. In order to increase the loan by $200 million, Visteon amended its credit agreements related to the term loan and its $350 million U.S. asset-based revolving credit facility.

Previously, a market source said that the incremental term loan debt would be priced in line with the existing $800 million term loan at Libor plus 300 basis points and that proceeds from the add-on will be used to further enhance the company's liquidity as it executes its three-year plan.

Visteon is an automotive parts supplier based in Van Buren Township, Mich.

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