Business
Ford Completes Debt Restructu
Ford Completes Debt Restructu.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n RNS Number : 2195Q Ford Motor Co 06 April 2009 \n \nContact: \n\n\n\n\n\n\nMedia: \n\n\nEquity Investment\n\n\nFixed Income\n\n\nShareholder Inquiries: \n\n\n\n\nMark Truby\n\n\nCommunity:\n\n\nInvestment Community: \n\n\n1.800.555.5259 or \n\n\n\n\n1.313.323.0539\n\n\nLarry Heck\n\n\nDave Dickenson\n\n\n1.313.845.8540 \n\n\n\n\n\n\n\n1.313.594.0613\n\n\n1.313.621.0881\n\n\[email protected]\n\n\n\n\[email protected]\n\n\[email protected]\n\n\[email protected] \n\n\n\n\n \nFord Completes Debt Restructuring Initiatives; Reduces Debt by $9.9 Billion and Lowers Annual Interest Expense by More Than $500 Million\n- In total, Ford and Ford Credit will use $2.4 billion in cash plus 468 million shares of Ford common stock to reduce Ford's outstanding Automotive debt by $9.9 billion from $25.8 billion at Dec. 31, 2008. This will reduce Ford's annual cash interest expense by more than $500 million based on current interest rates\n\n\n\n- This successful debt restructuring, together with previously announced agreements with the United Auto Workers, will substantially strengthen Ford's balance sheet\n- Approximately $4.3 billion principal amount of Ford Motor Company's 4.25% Senior Convertible Notes due December 15, 2036 were validly tendered and accepted for purchase pursuant to Ford's conversion offer. Ford will use $344 million to pay a cash premium to convertible note holders who validly tendered\n- Ford Motor Credit Company today separately announced the final results of its previously announced $1.3 billion cash tender offer for Ford's unsecured, non-convertible debt securities. Based on the tenders received, Ford Credit will use $1.1 billion in cash to purchase $3.4 billion principal amount of Ford's unsecured notes\n- As previously announced, Ford Credit used $1 billion to purchase $2.2 billion principal amount of Ford's term loan debt at a price of 47 percent of par.\nDEARBORN, Mich., April 6 2009 -- Ford Motor Company (NYSE: F) announced today the successful completion of debt restructuring initiatives that will reduce Ford's Automotive debt by $9.9 billion from $25.8 billion at December 31, 2008, and lower Ford's annual cash interest expense by more than $500 million based on current interest rates.\n'By substantially reducing our debt, Ford is taking another step...