DEARBORN, Mich., March 15, 2012 /PRNewswire/ --
- Ford completes amendment and extension of its revolving credit
facility under favorable terms with a total of $9 billion committed to 2015, further
demonstrating its improving underlying financial strength and
financial flexibility
- Extending Ford's credit facility further enhances the company's
liquidity and financial flexibility
- This action is consistent with Ford's goal of financing the One
Ford plan and improving the balance sheet
Ford Motor Company (NYSE: F) announced today it has successfully
completed an amendment and extension of its revolving credit
facility. As a result of the transaction, Ford's revolving
lenders have agreed to extend the maturity of commitments totaling
$9 billion to Nov. 30, 2015, from Nov.
30, 2013.
"We are very pleased with the results of the amendment and
extension transaction, which was significantly oversubscribed,"
said Neil Schloss, Ford vice
president and treasurer. "This support from our global banking
partners represents an important source of committed liquidity and
financial flexibility for Ford."
Prior to the amendment, revolving lenders had commitments under
the revolving credit facility totaling $8.9
billion that were scheduled to mature on Nov. 30, 2013, of which approximately
$130 million was utilized for letters
of credit. As of today, revolving lenders have a total of
$9 billion of commitments that are
scheduled to mature on Nov. 30, 2015,
and approximately $300 million of
commitments that are scheduled to mature on Nov. 30, 2013. The facility is undrawn,
with the exception of approximately $130
million utilized for letters of credit.
The collateral pledged to the lenders under the revolving credit
facility will be released when Ford's senior long-term, unsecured
debt receives investment grade ratings from at least two of the
three major rating agencies.
In addition to the increase in the total amount of commitments
and extending the maturity date, revolving lenders approved certain
modifications to the revolving credit facility, including the
elimination of the limitation on debt prepayments and dividends
upon the release of collateral.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based
in Dearborn, Mich., manufactures
or distributes automobiles across six continents. With about
164,000 employees and about 70 plants worldwide, the company's
automotive brands include Ford and Lincoln. The company provides financial
services through Ford Motor Credit Company. For more information
regarding Ford's products, please visit
www.ford.com.
SOURCE Ford Motor Company