Visteon, Reynolds Group show improvement in secondary with favorable earnings reports

By Sara Rosenberg

New York, Feb. 25 – Visteon Corp.’s term loan was a touch stronger in trading on Thursday after the release of positive fourth quarter earnings results, and Reynolds Group Holdings Ltd.’s term loan was better as well with the disclosure of financials.

Visteon gains ground

Visteon’s term loan was better in the secondary market on Thursday as the company reported a year-over-year increase in net income, sales and adjusted EBITDA, according to a trader.

The term loan was quoted at 98 5/8 bid, 99 1/8 offered, up from 98½ bid, 99 offered, the trader said.

For the fourth quarter of 2015, the company had net income of $21 million or per share, or $0.52 per diluted share, compared to a net loss of $138 million, or $3.12 per diluted share, in the comparable period in the prior year.

Sales for the quarter were $809 million, up from $788 million in the fourth quarter of 2014.

And, adjusted EBITDA for the quarter was $79 million, versus $75 million in the previous year.

Visteon is a Van Buren Township, Mich.-based designer and manufacturer of cockpit electronics products and connected car solutions for vehicle manufacturers.

Reynolds rises

Reynolds Group’s term loan moved up to 99 5/8 bid, par offered, from 99¼ bid, 99 5/8 offered as the company release full year and fourth quarter numbers, a trader remarked.

For the year, the company reported revenue of around $11.18 billion, compared to revenue of around $11.67 billion in 2014.

Gross profit for the year was $2.2 billion, versus a gross profit of about $2.02 billion in the previous year.

And, adjusted EBITDA from continuing operations for 2015 was around $2.02 billion, compared to about $1.94 billion in the prior year.

For the quarter, revenue was about $2.76 billion, versus about $2.9 billion in the 2014 quarter.

Additionally, adjusted EBITDA for the quarter was $537 million, up from $459 million in the prior year.

Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer beverage and foodservice packaging products.

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