DETROIT -- Visteon Corp. said last week that it had arranged a new seven-year secured loan of $800 million. Most of the money from the loan was used to repay existing credit lines scheduled to expire in June 2007. Visteon also said it repaid $50 million of debt used under a $771 million revolving line of credit.
"We are following through on our plan to refinance on a longer-term basis all of our near-term credit facilities that expire in June 2007," James Palmer, Visteon's CFO, said in a press release. "This is an important step in Visteon's three-year improvement plan."