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Visteon to launch $700 million revolver on Tuesday
By Sara Rosenberg
New York, June 26 - Visteon Corp. is scheduled to hold a bank meeting on Tuesday to launch its $700 million in revolver tranches that will be divided into two five-year facilities for the United States and Europe, according to a market source.
The revolver is talked at Libor plus 200 basis points with a 37.5 basis point commitment fee, the source said.
JPMorgan and Citigroup are the lead banks on the deal that was first announced when the company came to market with an $800 million seven-year term loan (B1/B+) in May.
The revolver was not launched into syndication at the same time as the term loan because field work was still being done on the ABL facility.
The term loan, which has already closed, is priced with an interest rate of Libor plus 300 basis points and contains call protection of 102 in year one and 101 in year two on optional prepayments.
Proceeds from the revolver will be used to refinance bank debt and for general corporate purposes.
Visteon is Van Buren Township, Mich., automotive supplier.
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