Ford extends maturities of commitments under three credit facilities

By Marisa Wong

Los Angeles, April 26 – Ford Motor Co. entered into a 20th amendment on April 26 to its credit agreement dated Dec. 15, 2006 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Prior to the 20th amendment, lenders held $3.4 billion of commitments maturing on June 23, 2025 and $10.1 billion of commitments maturing on June 23, 2027. After the amendment, lenders have maintained the same level of total commitments with $3.4 billion of commitments maturing on April 26, 2026 and $10.1 billion of commitments maturing on April 26, 2028.

Also on April 26, Ford entered into the fifth amendment to its revolving credit agreement dated April 23, 2019 with JPMorgan as administrative agent.

Prior to the fifth amendment, lenders held revolving commitments totaling $2 billion, with $100 million maturing on Sept. 29, 2024 and $1.9 billion maturing on June 23, 2025. With the amendment, lenders have maintained the same level of total commitments with $100 million maturing on Sept. 29, 2024 and $1.9 billion maturing on April 26, 2026.

In addition, Ford entered into a second amendment on April 26 to its 364-day revolving credit agreement dated June 23, 2022 with JPMorgan as administrative agent.

Before this second amendment, lenders held revolving commitments totaling $1.75 billion maturing on June 22, 2023. Following the amendment, lenders have $1.8 billion of commitments maturing on April 24, 2024.

The automobile manufacturer is based in Dearborn, Mich.

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