Visteon launches $350 million term loan B at Libor plus 200 bps

By Sara Rosenberg

New York, Oct. 31 – Visteon Corp. launched without a call on Tuesday a $350 million senior secured covenant-light term loan B (Ba2/BB+) due March 24, 2024 with price talk of Libor plus 200 basis points with a 0% Libor floor and a par issue price, according to a market source.

The term loan includes 101 soft call protection for six months, the source said.

Citigroup Global Markets Inc. is the lead arranger on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 225 bps with a 0% Libor floor.

Cashless roll commitments are due at 5 p.m. ET on Nov. 7, and all other commitments are due at 5 p.m. ET on Nov. 8, the source added.

Closing is expected during the week of Nov. 13.

Visteon is a Van Buren Township, Mich.-based designer and manufacturer of cockpit electronics products and connected car solutions for vehicle manufacturers.

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