Ford gets $3.5 billion of new facilities, amends existing revolver

By Rebecca Melvin

New York, April 26 – Ford Motor Co. amended its credit facility on Tuesday, extending its revolver commitments of $13.4 billion by one year to April 30, 2024 for 75% of the commitments and to April 30, 2022 for 25% of the commitments.

The allocation of $3 billion of commitments to Ford Credit on an irrevocable and exclusive basis remains in place, according to an 8-K filing with the Securities and Exchange Commission.

In addition, Ford entered into a supplemental revolving credit agreement with several lenders for $2 billion of commitments to Ford with a maturity date of April 30, 2022.

Furthermore, Ford entered into a supplemental term loan credit agreement with lenders for $1.5 billion of commitments to Ford with a maturity date of Dec. 31, 2022.

JPMorgan Chase Bank, NA, Barclays Bank plc, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerz Markets LLC, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Industrial and Commercial Bank of China Ltd., New York Branch, Lloyds Bank Corporate Markets plc, Merrill Lynch, Pierce, Fenner & Smith Inc., Mizuho Bank, Ltd., Morgan Stanley MUFG Loan Partners LLC, RBC Capital Markets, Societe Generale and Sumitomo Mitsui Banking Corp. are bookrunners and lead arrangers, with JPMorgan as the administrative agent for the new revolver and term loan.

Bank of America, NA, Barclays, BNP Paribas, Citibank, NA, Commerz Markets LLC, Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Industrial and Commercial Bank of China, Lloyds Bank, Mizuho, Morgan Stanley, Royal Bank of Canada, Societe Generale and Sumitomo Mitsui are co-syndication agents.

Ford is a Dearborn, Mich.-based manufacturer and distributor of automobiles.

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