Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item |
Ford starts conversion offer for 4.25% convertibles due 2036, 2016
By Jennifer Chiou
New York, Oct. 26 - Ford Motor Co. announced the launch of conversion offers for its $579 million of 4.25% senior convertible notes due Dec. 15, 2036 and its $2.875 billion of 4.25% senior convertible notes due Nov. 15, 2016.
The company is offering a cash premium to induce conversion of the securities.
For each $1,000 principal amount, the conversion rate is 108.6957 shares for the notes due 2036 and 107.5269 shares for the notes due 2016.
Those who opt to convert their notes will receive a cash supplement of $190 plus accrued interest for the 2036 notes and $215 plus interest for the 2016 notes for each $1,000 of notes.
The offers will wrap at midnight ET on Nov. 23.
The Dearborn, Mich.-based automaker said that the offers are expected to further strengthen Ford's balance sheet by reducing its automotive debt.
Georgeson Inc. is the information agent (866 295-8105).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.