By Paul A. Harris
St. Louis, March 3 - Visteon Corp. priced an upsized $450 million offering of 10-year notes (Ba1/BB+/BBB-) Wednesday at 99.957 with a 7% coupon to yield 7.006%, according to an informed source.
Price talk was a spread to Treasuries of 300 basis points, plus or minus five basis points.
Citigroup ran the books for the off-the-shelf issue.
Proceeds will be used to fund the tender for the company's 9¾% notes due 2005 and for general corporate purposes.
The issuer is a Dearborn, Mich., supplier of automotive components.
| Issuer: | Visteon Corp.
|
| Security description: | Notes
|
| Amount: | $450 million, increased from $400 million
|
| Maturity: | March 10, 2014
|
| Bookrunner: | Citigroup
|
| Coupon: | 7%
|
| Price: | 99.957
|
| Yield: | 7.006%
|
| Spread: | 295 basis points
|
| Call protection: | Callable with a Treasuries plus 50 basis points make-whole call
|
| Pricing date: | March 3
|
| Settlement date: | March 10
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BBB-
|
| Price talk: | 300 basis points, plus or minus five basis points
|
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