Auto parts maker Visteon Corp. (VC) is planning to sell $500 million of senior unsecured bonds later this week, according to a person familiar with the offering, who added that price guidance is in the range of 6.625% to 6.875%.

Proceeds from the notes, which mature in 2019, with be used along with cash on hand to retire Visteon's senior secured term loan due 2017. The notes will be non-callable for three years.

Bank of America Merrill Lynch is leading the deal, supported by Morgan Stanley and Citibank. Serving as joint leads are Scotia Capital and Barclays Capital.

Jim Fisher, a spokesman for Visteon, declined to comment on the deal.

The company was spun off from Ford Motor Co. in June 2000.

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com
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