Ford extends $15.4 billion of revolving commitments, adds $1.75 billion revolver

By Wendy Van Sickle

Columbus, Ohio, June 23 – Ford Motor Co. pushed out the maturities of $15.4 billion of revolving commitments, added a $1.75 billion 364-day revolver and prepaid a $1.5 billion term loan, according to an 8-K filing with the Securities and Exchange Commission.

The company amended the credit agreement on Thursday with JPMorgan Chase Bank, NA as bookrunner, lead arranger and administrative agent that was originally entered on Dec. 15, 2005. As a result, $3.4 billion of commitments will mature on June 23, 2025 and $10.1 billion will mature on June 23, 2027.

Previously the commitments were due to mature on Sept. 29, 2024 and Sept. 29, 2026, respectively.

Additionally, Ford extended the maturity of most of $2 billion of revolving commitments provided for under a credit agreement dated April 23, 2019 with JPMorgan as agent.

Those commitments were previously due to mature on Sept. 29, 2024, but $1.9 billion of the commitments have been extended until June 23, 2025.

Finally, Ford entered into a $1.75 billion 364-day revolver with JPMorgan as agent on Thursday. That revolver is due to mature on June 22, 2025. At cosigning, $750 million was advanced to Ford, which was used along with $750 million of company cash to prepay the full $1.5 billion outstanding under Ford’s term loan credit agreement dated April 23, 2019 that was to mature on Dec. 31, 2022.

JPMorgan, Banco Bradesco SA, Barclays Bank plc, BNP Paribas Securities Corp., BofA Securities, Citibank, NA, Commerzbank AG, New York Branch, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Lloyds Bank Corporate Markets plc, Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners LLC, RBC Capital Markets, Societe Generale and Sumitomo Mitsui Banking Corp. are the bookrunners and lead arrangers for the $13.5 billion revolving credit agreement.

JPMorgan, Barclays, BNP Paribas, BofA, Citi, Commerzbank, Credit Agricole, Deutsche, Goldman, Industrial and Commercial Bank of China Ltd., Mizuho, Morgan Stanley, Royal Bank of Canada, Societe Generale, Sumitomo Mitsui and Wells Fargo Securities, LLC are the bookrunners and lead arrangers for the $2 billion revolving credit agreement.

JPMorgan, Barclays, BNP Paribas, BofA, Citi, Credit Agricole, Goldman, Lloyds, Mizuho, Morgan Stanley, RBC, Societe Generale and Sumitomo Mitsui are the bookrunners and lead arrangers for the new $1.75 billion revolving credit agreement.

The automaker is based in Dearborn, Mich.

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