By Paul A. Harris
St. Louis, April 28 - Ford Motor Credit Co. LLC priced a $1.1 billion issue of non-callable 12% seven-year senior notes (B1/B/BB-) at 98.834 to yield 12¼% on Monday, according to a market source.
J.P. Morgan Securities Inc. led the quick-to-market registered deal.
Proceeds will be added to the general funds of Ford Credit and will be available for the purchase of receivables, for loans and for use in connection with the retirement of debt. The proceeds initially may be used to reduce short-term borrowings, including commercial paper, borrowings under bank lines of credit and borrowings under agreements with bank trust departments, or may be invested temporarily in short-term securities.
| Issuer: | Ford Motor Credit Co. LLC
|
| Face amount: | $1.1 billion
|
| Proceeds: | $1.09 billion (approximately)
|
| Maturity: | May 15, 2015
|
| Security description: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities Inc.
|
| Coupon: | 12%
|
| Price: | 98.834
|
| Yield: | 12¼%
|
| Spread: | 888 bps
|
| Call protection: | Non-callable
|
| Trade date: | April 28
|
| Settlement date: | May 5
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Fitch: BB-
|
| Distribution: | SEC registered
|
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