Citigroup trying to sell between $500 million and $1 billion of Federal-Mogul debt

By Sara Rosenberg

New York, May 1 - Citigroup is trying to sell between $500 million and $1 billion of Federal-Mogul Corp. exit financing term loan debt, according to a market source.

The exit facility, which funded late last year, included a $1.96 billion term loan B and a $1 billion term loan C, with both tranches priced at Libor plus 193.75 basis points.

The block of debt that Citi is looking to sell is a combination of both term loan B and term loan C, the source said.

Citi is looking to circle the term loan debt at around 85, the source added.

On Thursday, Federal-Mogul held an update call with lenders. Last week, the company released first-quarter numbers.

Federal-Mogul is a Southfield, Mich.-based supplier of powertrain, chassis and safety technologies.

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