Business
Results of Conversion Offers
Results of Conversion Offers.
About this update from Fdm Group (holdings) Plc
[{"type":"text","content":"\n RNS Number : 7768W Ford Motor Co 24 November 2010 \n\n\n\n\n\nContact:\n\n\nMedia:\nJohn Stoll\n\n\nEquity Investment Community:\n\n\nFixed Income\nInvestment Community:\n\n\nShareholder Inquiries:\n1.800.555.5259 or\n\n\n\n\n \n\n\n1.313.594.1106\n\n\nLarry Heck\n\n\nShawn Ryan\n\n\n1.313.845.8540\n\n\n\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\n \n\n\[email protected]\n\n\[email protected]\n\n\n \n\n\n\n\n\nFORD FURTHER REDUCES ITS DEBT AND STRENGTHENS BALANCE SHEET THROUGH CONVERSION OFFERS\n\n\nFord today announced the results of conversion offers that will reduce the company’s outstanding Automotive debt by more than $1.9 billion, lowering its annualized interest costs by about $180 million\n\nIncluding the conversion offers, the recent $3.6 billion prepayment on VEBA Note B, and net debt reductions over the first nine months, Ford has reduced its Automotive debt by $12.8 billion this year, lowering its annualized interest costs by nearly $1 billion. Ford expects to be net cash positive by the end of 2010\n\n$554 million principal amount of Ford’s 4.25% Senior Convertible Notes due December 15, 2036 and $1.992 billion principal amount of its 4.25% Senior Convertible Notes due November 15, 2016 were validly tendered and accepted for conversion pursuant to Ford’s conversion offers\n\nFord will pay $534 million in cash premiums and issue 274 million shares of Ford common stock to convertible note holders. The shares of Ford common stock to be issued have been included in Ford’s calculation of diluted earnings per share since the beginning of 2010\n\nThe conversion offers will result in a fourth quarter 2010 special item charge of approximately $960 million\n\nDEARBORN, Mich., Nov. 24, 2010 – Ford Motor Company (NYSE: F) announced today the results of conversion offers that will reduce the company’s Automotive debt by more than $1.9 billion, further strengthening its balance sheet and lowering annualized interest costs by about $180 million.\n\nIncluding the conversion offers, the recent $3.6 billion prepayment on VEBA Note B and net debt reductions over the first nine months of 2010, Ford has reduced its Automotive debt by $12.8 billion this year, lowering its annualized interest costs by nearly $1 billion.\n\n“These successful conv...