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DBRS rates Ford convertibles BB
DBRS said it assigned a BB (high) rating with an RR4 recovery rating to Ford Motor Co.’s new senior unsecured convertible notes due March 15, 2026.
Ford sold $2 billion of notes, with initial purchasers having a 13-day option to buy up to an additional $300 million to cover over-allotments, if any and have no regular interest. The initial conversion rate is 57.1886 of Ford common stock per $1,000 principal amount of the notes (equivalent to an initial conversion price of about $17.49 per share). Ford may not redeem the notes before March 20, 2024.
Ford indicated the proceeds will be used for general corporate purposes, including repaying debt.
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