Ford plans to buy up to $500 million Ford Motor Credit notes

By Angela McDaniels

Tacoma, Wash., Oct. 2 - Ford Motor Co. plans to purchase up to $500 million of Ford Motor Credit Co. LLC's debt securities, according to a 424B2 filing with the Securities and Exchange Commission.

The company said it will buy notes that have maturity dates prior to Jan. 1, 2012 and either fixed interest rates of 5 5/8% to 9 7/8% or floating rates of interest. Ford has about 14 series of notes with a total principal amount of $24.2 billion to choose from.

The purchases will be made from time to time in open-market or privately negotiated transactions using proceeds from public offerings of common stock.

In the filing, Ford registered to sell up to $500 million of common stock from time to time through Goldman, Sachs & Co.

Ford is an automaker based in Dearborn, Mich. Ford Motor Credit is the company's finance arm.

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