Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers V > Headlines for Visteon Corp. > News item |
Visteon launches $350 million term loan B at Libor plus 175 bps
By Sara Rosenberg
New York, May 16 – Visteon Corp. launched on its call on Wednesday a $350 million senior secured covenant-light term loan B due March 24, 2024 that is talked at Libor plus 175 basis points with a 0% Libor floor and a par issue price, according to a market source.
The term loan has 101 soft call protection for six months and no amortization, the source said.
Citigroup Global Markets Inc., Bank of America Merrill Lynch and Sumitomo Mitsui Banking Corp. are the joint lead arrangers on the deal. Citigroup is the administrative agent.
Proceeds will be used to reprice an existing term loan down from Libor plus 200 bps with a 0% Libor floor.
Commitments from existing lenders are due at 5 p.m. ET on May 23, and commitments from new lenders are due at noon ET on May 24, the source added.
Closing is expected during the week of May 28.
Visteon is a Van Buren Township, Mich.-based designer and manufacturer of cockpit electronics products and connected car solutions for vehicle manufacturers.
© 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.