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News Breaks
May 2, 2014
07:16 EDTVCVisteon signs agreement to divest majority of automotive interiors business
Visteon announced an agreement to divest the majority of its global automotive interiors business to an affiliate of Cerberus Capital Management, L.P. The transaction is expected to be completed by Dec. 31. Visteon also announced it has completed a previously announced agreement to sell its 50 percent ownership stake in a Korean automotive interiors joint venture, Duckyang Industry, as part of the divestiture of its interiors business. Under terms of the agreement with the Cerberus affiliate, Visteon will divest the interiors operations for nominal consideration and will contribute up to $95M to the business. The Cerberus affiliate will assume approximately $20M of pension and other liabilities of the business, while Visteon will retain ownership in certain real estate and other assets in South America and Europe worth, in aggregate, about $35M. Visteon also will provide support services to the Cerberus affiliate. Terms of this agreement are generally consistent with previously provided guidance on Visteon's exit of the interiors business. Also, Visteon has agreed to provide a seller-backed revolver to bridge any shortfall of a targeted $90M of external credit facilities if the complete amount is not available by closing, to be repaid by the buyer, if drawn, once additional committed facilities are in place after the transaction closes. The $90M of financing is not anticipated to be utilized at closing and simply adds to the liquidity of the business. The amount of the potential Visteon-backed revolver, if any, is difficult to assess, but is not expected to exceed $20M once all external credit facilities are put in place.
News For VC From The Last 14 Days
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December 17, 2014
09:21 EDTVCVisteon to sell stake in Halla Visteon Climate Control for about $3.6B
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09:19 EDTVCVisteon to sell stake in Halla Visteon Climate Control for about $3.6B
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December 10, 2014
10:00 EDTVCOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: 3D Systems (DDD) initiated with an Underperform at Longbow... AutoZone (AZO) initiated with a Buy at Nomura... C.H. Robinson (CHRW) initiated with a Neutral at Nomura... CSX (CSX) initiated with a Buy at Nomura... CVS Health (CVS) initiated with a Neutral at Citigroup... Canadian National (CNI) initiated with a Neutral at Nomura... Carrizo Oil & Gas (CRZO) initiated with a Buy at Canaccord... CenterPoint Energy (CNP) initiated with a Neutral at Nomura... Con-way (CNW) initiated with a Neutral at Nomura... Cornerstone OnDemand (CSOD) initiated with a Buy at BofA/Merrill... Depomed (DEPO) initiated with an Outperform at RBC Capital... Dollar General (DG) initiated with a Buy at Citigroup... Dollar Tree (DLTR) initiated with a Neutral at Citigroup... Dynagas LNG (DLNG) initiated with a Buy at ABN Amro... EMC (EMC) initiated with a Neutral at JPMorgan... Energy Focus (EFOI) initiated with a Buy at Roth Capital... Expeditors (EXPD) initiated with a Neutral at Nomura... GasLog (GLOG) initiated with a Buy at ABN Amro... Genesee & Wyoming (GWR) initiated with a Neutral at Nomura... Golar LNG (GLNG) initiated with a Sell at ABN Amro... HII Technologies (HIIT) initiated with a Buy at Roth Capital... Hudbay Minerals (HBM) initiated with an Overweight at Barclays... J.B. Hunt (JBHT) initiated with a Buy at Nomura... Kansas City Southern (KSU) initiated with a Buy at Nomura... Kroger (KR) initiated with a Buy at Citigroup... Lear (LEA) initiated with a Buy at Northcoast... Lundin Mining (LUNMF) initiated with an Overweight at Barclays... NetApp (NTAP) initiated with a Neutral at JPMorgan... Norfolk Southern (NSC) initiated with a Neutral at Nomura... PROS (PRO) initiated with an Outperform at Pacific Crest... Qlik Technologies (QLIK)initiated with a Buy at BofA/Merrill... Rentokil (RTOKY) initiated with a Neutral at UBS... Revolution Lighting (RVLT) initiated with a Buy at Roth Capital... ServiceNow (NOW) initiated with a Buy at BofA/Merrill... Stratasys (SSYS) initiated with a Neutral at Longbow... Suburban Propane (SPH) initiated with a Hold at Stifel... Tableau (DATA) initiated with a Buy at BofA/Merrill... Teekay LNG (TGP) initiated with a Buy at ABN Amro... Tessera (TSRA) initiated with a Buy at Sidoti... Union Pacific (UNP) initiated with a Buy at Nomura... Viper Energy (VNOM) initiated with a Buy at Stifel... Visteon (VC) initiated with a Buy at Northcoast... Walgreen (WAG) initiated with a Buy at Citigroup... Werner (WERN) initiated with a Neutral at Nomura.
09:29 EDTVCVisteon initiated with a Buy at Northcoast
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