Business
Further re Revolving Credit F
Further re Revolving Credit F.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n RNS Number : 0314D Ford Motor Co 24 November 2009 \nContact: \n\n\n\n\nMedia:\n\n\nEquity Investment\n\n\nFixed Income\n\n\nShareholder Inquiries:\n\n\n\n\nBill Collins \n\n\nCommunity:\n\n\nInvestment Community:\n\n\n1.800.555.5259 or\n\n\n\n\n1.212.265.2794\n\n\nLarry Heck\n\n\nDave Dickenson\n\n\n1.313.845.8540\n\n\n\n\[email protected]\n\n\n1.313.594.0613\n\n\n1.313.621.0881 \n\n\[email protected] \n\n\n\n\n\n\n\[email protected] \n\n\[email protected]\n\n\n\n\n\n\n\n \nFORD COMPLETES PLAN TO AMEND AND EXTEND EXISTING REVOLVING CREDIT FACILITY\nDEARBORN, Mich., November 24, 2009 – Ford Motor Company (NYSE: F) announced today the successful completion of its previously announced plan to amend and extend the revolving credit facility under its secured credit agreement. Revolving lenders have agreed to extend the maturity of commitments totaling $7.2 billion under the facility to November 30, 2013 from December 15, 2011, and such lenders will convert $724 million of their existing revolving loans to a new term loan that matures on December 15, 2013. The total amount extended to 2013, including the new term loan, is $7.9 billion.\nEach lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 25 percent at its election and to the extent its reduced revolving commitment exceeded certain specified levels, such excess will be converted into the new term loan under the secured credit agreement maturing on December 15, 2013. In addition, lenders that agreed to extend the maturity of their revolving commitments will receive a 1 percentage point increase in interest rate margins, an increase in quarterly fees and payment of an upfront fee.\n\n“We are very pleased with the results of the amendment, extension to our revolving credit facility, and new term loan” said Neil Schloss, Ford vice president and treasurer. “We appreciate the support of our banking partners as today’s actions will provide additional liquidity through 2013.” \n\nOn December 3, 2009, Ford will repay $1.9 billion of the existing revolving loans to effect the commitment reductions elected by extending lenders. Lenders with commitments totaling $88...