US: Ford completes credit facility extension

By Graeme Roberts | 25 November 2009

Ford has completed 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 US$7.2bn under the facility to 30 November, 2013 from 15 December, 2011, and such lenders will convert $724m of their existing revolving loans to a new term loan that matures on 15 December, 2013.  The total amount extended to 2013, including the new term loan, is $7.9bn.

"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."