Ford Motor Credit driving by with benchmark five-year bullet, initial talk 2 7/8% area

By Paul A. Harris

Portland, Ore., Aug. 5 – Ford Motor Credit plans to price a benchmark dollar-denominated public offering of five-year senior bullet notes (Ba2/BB+/BB+) in a Thursday drive-by, according to market sources.

Initial guidance is in the 2 7/8% area.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SMBC Nikko Securities America Inc. and TD Securities (USA) LLC are the active bookrunners in a syndicate of investment banks that also includes CIBC, Credit Agricole CIB, Credit Suisse Securities (USA) LLC and Intesa Sanpaolo.

The Dearborn, Mich.-based financial unit of Ford Motor Co. plans to use the proceeds for the purchase of receivables, for loans and to repay debt.

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