Attached files
| file | filename |
|---|---|
| 8-K - FORD MOTOR COMPANY 8-K 11-24-2009 - FORD MOTOR CO | form8k.htm |
| EX-99.2 - EXHIBIT 99.2 - FORD MOTOR CO | ex99_2.htm |
Exhibit
99.1
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NEWS
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 |
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Contact:
|
Media:
Bill
Collins
1.212.265.2794
wcollin1@ford.com
|
Equity Investment Community:
Larry
Heck
1.313.594.0613
fordir@ford.com
|
Fixed Income Investment Community:
Dave
Dickenson
1.313.621.0881
fixedinc@ford.com
|
Shareholder Inquiries:
1.800.555.5259
or
1.313.845.8540
stockinf@ford.com
|
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.
Each
lender that agreed to extend the maturity of its revolving commitment was
permitted to reduce its revolving commitment by up to 25 percent at its election
and to the extent its reduced revolving commitment exceeded certain specified
levels, such excess will be converted into the new term loan under the secured
credit agreement maturing on December 15, 2013. In addition, lenders
that agreed to extend the maturity of their revolving commitments will receive a
1 percentage point increase in interest rate margins, an increase in quarterly
fees and payment of an upfront fee.
“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.
Prior to
the amendment, revolving lenders held commitments totaling $10.7 billion that
matured on December 15, 2011. After the amendment, revolving lenders
hold a total of $8.1 billion of extended and non-extended revolving commitments
and $724 million of the new term loan.
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.
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 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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