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Ford announces it has successfully reduced debt by $9.9 billion
Filed under: Ford, Earnings/Financials
The Ford Motor Company has announced that it has completed more of its financial restructuring initiatives, lessening its debt by some $9.9 billion (from a starting place of $25.8 billion at the end of last year). The company says this move will lower its annual interest costs by more than $500 million. Ford and its financing arm, Ford Credit, are using 468 million shares of stock and $2.4 billion in cash to reach that figure.
Other parts of the company's debt restructuring efforts include the tendering of approximately $4.3 billion in Senior Convertible Notes (not due until December 15, 2036) for purchase related to Ford's conversion offer, along with previously announced gains like its revised agreements with the United Auto Workers and a cash tender offer for the company's unsecured, non-convertible debt securities. For the full gorey financial details, you number crunchers can click on the jump to check out Ford's official press releases.
[Source: Ford Motor Company | Image: Spencer Platt/Getty]Continue reading Ford announces it has successfully reduced debt by $9.9 billion
Ford announces it has successfully reduced debt by $9.9 billion originally appeared on Autoblog on Mon, 06 Apr 2009 10:29:00 EST. Please see our terms for use of feeds.
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The Ford Motor Company has announced that it has completed more of its financial restructuring initiatives, lessening its debt by some $9.9 billion (from a starting place of $25.8 billion at the end of last year). The company says this move will lower its annual interest costs by more than $500 million. Ford and its financing arm, Ford Credit, are using 468 million shares of stock and $2.4 billion in cash to reach that figure.
Other parts of the company's debt restructuring efforts include the tendering of approximately $4.3 billion in Senior Convertible Notes (not due until December 15, 2036) for purchase related to Ford's conversion offer, along with previously announced gains like its revised agreements with the United Auto Workers and a cash tender offer for the company's unsecured, non-convertible debt securities. For the full gorey financial details, you number crunchers can click on the jump to check out Ford's official press releases.
[Source: Ford Motor Company | Image: Spencer Platt/Getty]Continue reading Ford announces it has successfully reduced debt by $9.9 billion
Ford announces it has successfully reduced debt by $9.9 billion originally appeared on Autoblog on Mon, 06 Apr 2009 10:29:00 EST. Please see our terms for use of feeds.
Permalink | Email this | Comments
More...