Visteon Closes $350 Million Term Loan

VAN BUREN TOWNSHIP, Mich., Jan. 9, 2006 -- Visteon Corporation today announced that it has closed on a new 18-month secured term loan of $350 million. The new term loan, which will expire on June 20, 2007, replaces the company's $300 million secured short-term revolving credit facility that expired on Dec. 15, 2005.

The new term loan was made a part of the company's existing $775 million five-year facility agreement. The terms and conditions of the agreement were also modified to align various covenants with Visteon's restructuring initiatives and to make changes to the consolidated leverage ratios. Visteon also amended its $250 million delayed draw term loan agreement, which also expires in June 2007, to reflect substantially the same terms and conditions.

The new limits on the consolidated leverage ratios are as follows: 4.75 for the quarters ending Dec. 31, 2005 and March 31, 2006; 5.25 for the quarter ending June 30, 2006; 4.25 for the quarter ending Sept. 30, 2006; 3.00 for the quarter ending Dec. 31, 2006; 2.75 for the quarter ending March 31, 2007; and 2.50 thereafter.

Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has more than 170 facilities in 24 countries and employs approximately 50,000 people.