Ford Motor (F) Amends Facility; Extends Maturity, Boosts to $9B
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Ford Motor Company (NYSE: F) 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.
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.
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.
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