Visteon Closes $350 Million Term Loan
January 09 2006 - 4:05PM
PR Newswire (US)
VAN BUREN TOWNSHIP, Mich., Jan. 9 /PRNewswire-FirstCall/ -- Visteon
Corporation (NYSE:VC) today announced that it has closed on a new
18-month secured term loan of $350 million. The new term loan,
which will expire on June 20, 2007, replaces the company's $300
million secured short-term revolving credit facility that expired
on Dec. 15, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20001201/DEF008LOGO ) The new
term loan was made a part of the company's existing $775 million
five-year facility agreement. The terms and conditions of the
agreement were also modified to align various covenants with
Visteon's restructuring initiatives and to make changes to the
consolidated leverage ratios. Visteon also amended its $250 million
delayed draw term loan agreement, which also expires in June 2007,
to reflect substantially the same terms and conditions. The new
limits on the consolidated leverage ratios are as follows: 4.75 for
the quarters ending Dec. 31, 2005 and March 31, 2006; 5.25 for the
quarter ending June 30, 2006; 4.25 for the quarter ending Sept. 30,
2006; 3.00 for the quarter ending Dec. 31, 2006; 2.75 for the
quarter ending March 31, 2007; and 2.50 thereafter. 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 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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 2005). 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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