By Paul A. Harris
St. Louis, April 3 - Ford Motor Credit Co. priced an upsized $1.5 billion issue of six-year senior floating-rate notes (Ba2/BB-/BB) at par to yield three-month Libor plus 445 basis points on Monday, according to a market source.
The notes came on top of price talk.
JP Morgan ran the books for the off-the-shelf issue.
The issuer is the automotive and mortgage lending subsidiary of Dearborn, Mich.-based Ford Motor Co.
| Issuer: | Ford Motor Credit Co.
|
| Amount: | $1.5 billion (increased from $500 million)
|
| Maturity: | April 15, 2012
|
| Security description: | Senior floating-rate notes
|
| Bookrunner: | JP Morgan
|
| Coupon: | Three-month Libor plus 445 basis points
|
| Price: | Par
|
| Yield: | Three-month Libor plus 445 basis points
|
| Call protection: | Non-callable
|
| Put: | Putable beginning Oct. 15, 2008 at par
|
| Trade date: | April 3
|
| Settlement date: | April 10
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Distribution: | Off the shelf
|
| Price talk: | Libor plus 445 basis points
|
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