By Paul A. Harris
St. Louis, July 30 - Ford Motor Credit Co. priced a $1.75 billion issue of 7½% three-year fixed-rate notes (Caa1/CCC+/B-) at 91.589 to yield 10 7/8% on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The issue price for the quickly shopped deal came within the "low-90s" guidance which was circulated earlier in the day, according to market sources.
Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley and RBS Securities Inc. were bookrunners with Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc. and UBS Securities LLC as co-managers for the off-the-shelf issue.
Proceeds will be used for general corporate purposes.
The issuer is the financing arm of Ford Motor Co.
Issuer: Ford Motor Credit Co.
| Face amount: | $1.75 billion
|
| Proceeds: | $1.603 billion
|
| Maturity: | Aug. 1, 2012
|
| Security description: | Fixed-rate notes
|
| Underwriters: | Deutsche Bank Securities, Goldman Sachs & Co., Morgan Stanley, RBS Securities Inc. (joint books), Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, HSBC Securities (USA) Inc., UBS Securities LLC (co-managers)
|
| Coupon: | 7½%
|
| Price: | 91.589
|
| Yield: | 10 7/8%
|
| Call protection: | Non-callable
|
| Trade date: | July 30
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Fitch: B-
|
| Distribution: | Off the shelf
|
| Price talk: | Low 90s
|
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