Ford Motors’ lending unit, Ford Motor Credit, has raised $1.25 billion through a sale of senior notes, The Wall Street Journal reports. The notes, which carry a coupon rate of 5.75%, are due to mature on Feb. 1, 2021.
The company plans to use the proceeds for general corporate purposes, which could include the repayment of outstanding debt securities. Morgan Stanley, Bank of America Merrill Lynch, Deutsche Bank and JP Morgan have been appointed as the joint bookrunning managers on the deal.
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