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Ford issues stock in exchange for $430.74 million of debt securities
By Angela McDaniels
Tacoma, Wash., May 1 - Ford Motor Co. said it issued 37,459,540 shares of its common stock on Wednesday in exchange for $360 million of its publicly issued debt securities, which were beneficially owned by an institutional holder.
The shares were issued under an agreement reached on April 25, according to an 8-K filing with the Securities and Exchange Commission.
The company said it reached a similar agreement on Feb. 7, under which it issued 8,978,366 shares on Feb. 11 in exchange for $70.74 million of debt securities beneficially owned by an institutional holder.
In each case, Ford did not receive any cash proceeds, and the debt securities exchanged were retired and cancelled.
Between the two agreements, Ford has issued 46,437,906 shares and retired $430.74 million of debt securities.
The Dearborn, Mich.-based automaker said it completed these transactions to reduce its debt and interest costs, to increase its equity and to improve its balance sheet.
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