Ford upsizes amount of debt tendered to $6.8 billion

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Ford Motor Co. F, -0.87% said Friday it upsized the amount of debt securities it was offering to buy back to $6.796 billion from $5.000 billion. The tender offer is for debt with yields ranging from 6.375% to 9.980%, with maturities ranging from April 2025 to February 2047. Ford said it expects to announce the pricing of the tender offers and the amount of each series of securities accepted for purchase later Friday. Ford’s debt reduction, which the automaker said has reached $7.6 billion, has helped put its credit rating at S&P Global Ratings in line for an upgrade to investment grade status. Ford’s stock, which slipped 0.7% in premarket trading, has soared 54.4% over the past three months through Thursday, while the S&P 500 SPX, -0.14% has gained 6.8%.

This article was originally published by Marketwatch.com. Read the original article here.

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