Ford Motor Credit to exchange 15 series of notes for new notes, cash

By Jennifer Chiou

New York, May 2 - Ford Motor Credit Co. announced an exchange offer for 15 series of its notes.

Affected notes, in order of priority for acceptance, include the company's:

• $225 million of floating-rate notes due Oct. 29;

• $800 million of floating-rate notes due Nov. 16, 2006;

• $4 billion of 6½% notes due Jan. 25, 2007;

• $500 million of 7¾% notes due Feb. 15, 2007;

• $300 million of floating-rate notes due March 13, 2007;

• $750 million of floating-rate notes due March 21, 2007;

• $1 billion of 7.2% notes due June 15, 2007;

• $1.4 billion of floating-rate notes due Sept. 28, 2007;

• $500 million of floating-rate notes due Nov. 2, 2007;

• $1 billion of 4.95% notes due Jan. 15, 2008;

• $1.5 billion of 6 5/8% notes due June 16, 2008;

• $300 million of 6¾% notes due Aug. 15, 2008;

• $1 billion of 5 5/8% notes due Oct. 1, 2008;

• $300 million of 6 3/8% notes due Nov. 5, 2008; and

• $2.8 billion of 5.8% notes due Jan. 12, 2009.

The company said it will issue a new series of up to $1 billion of fixed-rate notes due Sept. 15, 2010, up to $1 billion of floating-rate notes due June 15, 2011 and up to $1 billion of cash in the offer.

The company will issue new notes and cash equal to the exchange price for each existing series of notes. Those who tender the securities before 5 p.m. ET on May 12 will also receive an early participation payment.

Ford Motor Credit said the offers are conditioned upon the receipt of tenders for at least $500 million of the new fixed-rate notes and at least $500 million of the new floating-rate notes.

The company said it is aiming to lengthen its debt maturities and reduce overall debt levels.

Global Bondholder Services Corp. is the information agent (866 470-4200 or call collect 212 430-3774).

The exchange offer expires at midnight ET on May 30.

Based in Dearborn, Mich., Ford Motor Credit is the automotive and mortgage lending subsidiary of Ford Motor Co.

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