VAN BUREN TOWNSHIP, Mich.,
March 28, 2011 /PRNewswire/ --
Visteon Corporation (NYSE: VC) ("Visteon") today announced it
intends to commence an offering through a private placement of
$500 million aggregate principal
amount of senior unsecured notes due 2019 (the "Notes"). Visteon
intends to use the net proceeds of the offering, together with cash
on hand, to retire its $500 million
senior secured term loan due 2017 and pay related fees and expenses
in connection therewith.
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The Notes and any related guarantees are being offered only to
qualified institutional buyers in reliance on Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act"), and
outside the United States, only to
non-U.S. investors pursuant to Regulation S. The Notes and any
related guarantees have not been registered under the Securities
Act or the securities laws of any other jurisdiction and may not be
offered or sold in the United
States absent registration or an applicable exemption from
registration requirements under the Securities Act.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities. Any offers of the Notes
and any related guarantees will be made only by means of a private
offering memorandum.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are not guarantees of future
results and conditions but rather are subject to various factors,
risks and uncertainties that could cause our actual results to
differ materially from those expressed in these forward-looking
statements, including, but not limited to:
- risks and uncertainties related to the capital markets
generally and whether Visteon will offer the Notes or consummate
the offering, the anticipated terms of the Notes, and the
anticipated use of proceeds;
- our ability to satisfy future capital and liquidity
requirements; including our ability to access the credit and
capital markets at the times and in the amounts needed and on terms
acceptable to us; our ability to comply with financial and other
covenants in our credit agreements; and the continuation of
acceptable supplier payment terms;
- our ability to satisfy pension and other post-employment
benefit obligations;
- our ability to access funds generated by foreign subsidiaries
and joint ventures on a timely and cost effective basis;
- conditions within the automotive industry, including (i) the
automotive vehicle production volumes and schedules of our
customers, and in particular Ford's and Hyundai-Kia's vehicle
production volumes, (ii) the financial condition of our customers
or suppliers and the effects of any restructuring or reorganization
plans that may be undertaken by our customers or suppliers or work
stoppages at our customers or suppliers, and (iii) possible
disruptions in the supply of commodities to us or our customers due
to financial distress or work stoppages;
- new business wins and re-wins do not represent firm orders or
firm commitments from customers, but are based on various
assumptions, including the timing and duration of product launches,
vehicle productions levels, customer price reductions and currency
exchange rates;
- general economic conditions, including changes in interest
rates, currency exchange rates and fuel prices; the timing and
expenses related to internal restructurings, employee reductions,
acquisitions or dispositions and the effect of pension and other
post-employment benefit obligations;
- increases in raw material and energy costs and our ability to
offset or recover these costs, increases in our warranty, product
liability and recall costs or the outcome of legal or regulatory
proceedings to which we are or may become a party; and
- those factors identified in our filings with the SEC (including
our Annual Report on Form 10-K for the fiscal year ended
Dec. 31, 2010).
Caution should be taken not to place undue reliance on our
forward-looking statements, which represent our view only as of the
date of this release, and which we assume no obligation to
update.
Visteon is a leading global automotive supplier that designs,
engineers and manufactures innovative climate, electronic, interior
and lighting products for vehicle manufacturers. With corporate
offices in Van Buren Township,
Mich. (U.S.); Shanghai,
China; and Chelmsford, UK;
the company has facilities in 26 countries and employs
approximately 26,500 people. Learn more at www.visteon.com.
SOURCE Visteon Corporation