Ford completes tender offer, cuts $10 billion in debt
Ford Motor Co says it completed a tender offer announced last month, reducing its debt by $9.9 billion.
By Agencies |
DETROIT: Ford Motor Co says it completed a tender offer announced last month, reducing its debt by $9.9 billion.
About $4.3 billion in Ford's senior convertible notes were tendered. The auto maker says it will pay $344 million in cash premiums for the offer and issue 468 million shares as a result of the conversion.
An offer to purchase notes from its financing arm produced $3.4 billion in securities tendered. Ford Motor Credit will use $1.1 billion to purchase that debt.
The offers expired Friday.
The Dearborn, Mich.-based company is looking to pare down $25.8 billion in debt to weather the worst auto sales downturn in 27 years.
About $4.3 billion in Ford's senior convertible notes were tendered. The auto maker says it will pay $344 million in cash premiums for the offer and issue 468 million shares as a result of the conversion.
An offer to purchase notes from its financing arm produced $3.4 billion in securities tendered. Ford Motor Credit will use $1.1 billion to purchase that debt.
The offers expired Friday.
The Dearborn, Mich.-based company is looking to pare down $25.8 billion in debt to weather the worst auto sales downturn in 27 years.
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