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25 Nov 2009 07:00
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FORD COMPLETES PLAN TO AMEND AND EXTEND EXISTING REVOLVING CREDIT FACILITY
DEARBORN, 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.
“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.”
On 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 $886 million have elected not to extend those commitments, which will mature on the original maturity date of December 15, 2011.
The lenders also approved amendments to the credit facility that expand existing limitations on debt prepayments and repurchases to allow for further balance sheet improvements.
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 200,000 employees and about 90 plants worldwide, the company’s brands include Ford, Lincoln, Mercury and Volvo. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford’s products, please visit www.ford.com.
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