US: Visteon receives US$1.5bn in secured financing

摘要

VISTEON has received financing commitments from its lenders JPMorgan Chase Bank and Citigroup Global Markets to the tune of US$1.5bn in secured loan facilities. These financing firms have agreed to provide an US$800m, seven-year term loan, with the rest split between two five-year revolving credit facilities for the US and Europe, the company stated. Visteon expects to use these proceeds to repay amounts outstanding under its existing secured facilities scheduled to mature in June 2007 and for general corporate purposes. The facilities are expected to be completed over the next several weeks.