Ford issues 62 million shares for $441.99 million 6 3/8% debentures, $124.94 million 6 5/8% debentures

By Jennifer Chiou

New York, Dec. 7 - Ford Motor Co. announced that it issued 62,000,761 shares in exchange for $441.99 million of its 6 3/8% debentures due Feb. 1, 2029 and $124.94 million of its 6 5/8% debentures due Oct. 1, 2028.

The Dearborn, Mich.-based automotive company said that it completed the exchange with an institutional holder of the debentures.

Ford added that it did not receive any cash proceeds as a result of the exchange.

The company retired and canceled the exchanged securities to reduce its debt and interest costs.

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