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VISTEON CORP (VC)
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VISTEON CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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11/17/2017 | 10:35pm CET

Item 1.01. Entry into a Material Definitive Agreement.

On November 14, 2017, Visteon Corporation (the "Company") entered into Amendment No. 3 (the "Amendment") to its credit agreement, dated as of April 9, 2014 (as amended by that certain Waiver and Amendment No. 1 to Credit Agreement, dated as of March 25, 2015 and Amendment No. 2 to Credit Agreement, dated as of March 24, 2017, the "Existing Credit Agreement"; and the Existing Credit Agreement, as amended by the Amendment, the "Credit Agreement") with Citibank, N.A., as administrative agent, the guarantors party thereto and certain lenders party thereto. The Amendment provides for the replacement and repricing of the initial term facility with a new term facility (the "Refinancing Term Facility"; any loans made pursuant to the Refinancing Term Facility, "New Term Loans") in an aggregate principal amount of $350,000,000.

At the Company's option, loans under the New Term Loans may be maintained from time to time at an interest rate equal to the applicable domestic rate ("Base Rate") plus an applicable margin of 1.00% per annum or the LIBOR-based rate ("Eurodollar Rate") plus an applicable margin of 2.00% per annum. The Base Rate shall be a fluctuating rate per annum equal to the highest of (i) the rate equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published by the Federal Reserve Bank of New York on the following Business Day, plus 0.50%; (ii) the rate established by the Administrative Agent as its "prime rate" at its principal U.S. office and (iii) the Eurodollar Rate (which, for the purposes of establishing the Base Rate, shall not be less than 0.00%) plus 1%. The Eurodollar Rate shall be equal to the quotient obtained by dividing (a) the ICE Benchmark Administration Limited LIBOR Rate by (b) the difference between 1.00 and the reserve percentage under regulations issued from time to time by the Board of Governors of the Federal Reserve System of the United States for determining the maximum reserve requirement with respect to Eurocurrency funding.

Outstanding borrowings of New Term Loans prepaid prior to May 14, 2018 are subject to a prepayment premium in the amount of 1.00% of the principal prepaid.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated into this Item 2.03 by reference.

--------------------------------------------------------------------------------

Item 9.01. Financial Statements and Exhibits.



Exhibit
  No.                                     Description

10.1           Amendment No. 3 to Credit Agreement, dated as of November  14, 2017,
             by and among Visteon Corporation, the guarantors party thereto, each
             lender party thereto and Citibank, N.A., as administrative agent.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 3 162 M
EBIT 2017 283 M
Net income 2017 203 M
Finance 2017 325 M
Yield 2017 0,12%
P/E ratio 2017 19,38
P/E ratio 2018 17,36
EV / Sales 2017 1,11x
EV / Sales 2018 1,07x
Capitalization 3 842 M
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Average target price 131 $
Spread / Average Target 6,2%
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Sachin S. Lawande President, Chief Executive Officer & Director
Francis M. Scricco Non-Executive Chairman
Sunil K. Bilolikar Senior Vice President-Operations & Procurement
Christian A. Garcia Chief Financial Officer & Executive Vice President
Markus Schupfner Chief Technology Officer & Senior Vice President
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