DETROIT -- Visteon Corp. has replaced its $300 million credit line with a new 18-month secured term-loan.
The transaction is expected to close by mid-January and will be for up to $300 million.
Visteon has appointed JPMorgan and Citicorp Inc. to arrange the financing.
Visteon said in a Dec. 8 press release that it also intends to seek amendments to its agreements for an existing $775 million multiyear credit line and a $250 million term loan, both expiring in June 2007.
The move is expected to provide flexibility as the company implements its upcoming restructuring plans.
In May, Ford Motor Co. agreed to take back 23 underperforming parts operations from Visteon, its former parts unit.
The move was expected to make Visteon considerably more competitive.