Visteon talks $500 million eight-year notes with 6¾% area yield

By Paul A. Harris

Portland, Ore., March 30 - Visteon Corp. talked its $500 million offering of eight-year senior notes (B2/B+/) with a yield in the 6¾% area on Wednesday, according to an informed source.

The order books close at noon ET on Thursday for accounts that have seen the deal through Wednesday and at 3 p.m. ET for West Coast accounts.

The deal is set to price thereafter.

Merrill Lynch, Morgan Stanley & Co. Inc. and Citigroup Global Markets Inc. are the joint bookrunners for the Rule 144A with registration rights offering.

Scotia Capital and Barclays Capital Inc. are the joint lead managers. Comerica Investments and Sumitomo are the co-managers.

The notes will become callable in three years at par plus 75% of the coupon. A special call provision allows the issuer to redeem up to 10% of the notes annually at 103 during the non-call period.

The notes will also feature a 101% poison put.

The Van Buren Township, Mich.-based automotive supplier plans to use the proceeds, along with cash on hand, to repay the company's existing term loan and for general corporate purposes.

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