Delphi Completes $2.8 Billion Refinancing Plan

Successful refinancing should provide company with liquidity and flexibility to continue its transformation

TROY, Mich., June 15 -- Delphi Corp. announced the completion of its $2.8 billion refinancing plan, comprised of a $1.8 billion secured revolving credit facility and a $1.0 billion secured term loan. Delphi believes the completion of this refinancing plan provides the company with access to sufficient liquidity to continue to address its U.S. legacy cost issues during the current low GM North American production environment.

"We are extremely pleased with this successful refinancing and the high level of support from our lead banks, JP Morgan and Citigroup, and our other lenders and investors. We achieved what we set out to accomplish in securing a financing deal that will provide us the liquidity and flexibility to continue our transformation," said John D Sheehan, Delphi's acting chief financial officer. "Additionally, we made a second contribution of $475 million to fund our U.S. pension plans, bringing our total contributions this quarter to $625 million and fulfilling our minimum 2005 pension contribution requirements."

The term loan is due in full on June 14, 2011, while the revolving credit facility is available to the company through June 18, 2009. Upon completion of the refinancing, Delphi terminated its 364-day revolving credit line of $1.5 billion, which was due to expire on June 17, 2005. There were no outstanding borrowings under that facility.

Additional details on the borrowing facilities, including pricing, collateral and covenants, are included in the company's 8-K, which was filed today. For more information about Delphi, visit http://www.delphi.com/ .