Visteon Announces Plans to Replace Short-Term Credit Facility
December 08 2005 - 3:30PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Dec. 8 /PRNewswire-FirstCall/ -- Visteon
Corporation (NYSE:VC) today announced that it intends to replace
its existing $300 million short-term secured revolving credit
facility, which expires Dec. 15, 2005, with a new 18-month secured
term-loan. The new transaction is expected to close by mid-January
2006 and will be for up to $300 million. Visteon has appointed
JPMorgan Securities and Citicorp Inc. as lead arrangers. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) Visteon
also intends to seek amendments to the financial and other
covenants contained in its existing $775 million multi-year
revolving credit facility and its $250 million delayed draw term
loan, both of which expire in June 2007, to provide flexibility as
the company implements its restructuring plans. Visteon Corporation
is a leading global automotive supplier that designs, engineers and
manufactures innovative climate, interior, electronic and lighting
products for vehicle manufacturers, and also provides a range of
products and services to aftermarket customers. With corporate
offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and
Kerpen, Germany; the company has more than 170 facilities in 24
countries and employs approximately 50,000 people. This press
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-
looking statements are not guarantees of future results and
conditions but rather are subject to various factors, risks and
uncertainties that could cause our actual results to differ
materially from those expressed in these forward-looking
statements, including the automotive vehicle production volumes and
schedules of our customers, and in particular Ford's North American
vehicle production volumes; our ability to satisfy our future
capital and liquidity requirements and comply with the terms of our
existing credit agreements or obtain any necessary waivers or
amendments thereto; the financial distress of our suppliers; our
ability to implement, and realize the anticipated benefits of,
restructuring and other cost-reduction initiatives and our
successful execution of internal performance plans and other
productivity efforts; charges resulting from restructurings,
employee reductions, acquisitions or dispositions; our ability to
offset or recover significant material surcharges; the effect of
pension and other post- employment benefit obligations; as well as
those factors identified in our filings with the SEC (including our
Annual Report on Form 10-K/A for the year- ended December 31,
2004). We assume no obligation to update these forward- looking
statements. http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO
DATASOURCE: Visteon Corporation CONTACT: Media Inquiries: Jim
Fisher, +1-734-710-5557, , or Investor Inquiries: Derek Fiebig,
+1-734-710-5800, , both of Visteon Corporation Web site:
http://www.visteon.com/
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