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8-K - FORM 8-K - VISTEON CORP | k50237e8vk.htm |
Exhibit 99.1
NEWS RELEASE |
Visteon Corporation Announces Proposed Offering of $500 Million of Senior Unsecured Notes
VAN BUREN TOWNSHIP, Mich., March 28, 2011 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.
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 Fords and Hyundai-Kias 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.
Contact:
Media:
Jim Fisher
734-710-5557
jfishe89@visteon.com
Jim Fisher
734-710-5557
jfishe89@visteon.com
Investors:
Michael Lewis
734-710-5800
investor@visteon.com
Michael Lewis
734-710-5800
investor@visteon.com