Ford Motor Credit begins exchange offer for 9¾%, floating-rate notes

By Angela McDaniels

Seattle, March 23 - Ford Motor Credit Co. began an offer to exchange its 9¾% notes due Sept. 15, 2010 and floating-rate notes due June 15, 2011 for new notes, according to a 424B3 filing with the Securities and Exchange Commission.

The terms of the new notes will be identical to that of the old notes, except the new notes will be registered under the Securities Act and will be freely tradeable.

The offer will expire at midnight ET on April 19.

Noteholders will receive $1,000 principal amount of new notes for each $1,000 principal amount of old notes exchanged. The new notes will bear interest from the last interest payment date of the old notes.

As of March 22, there were $1.5207 billion of the 9¾% notes outstanding and $1.0446 billion of the floating-rate notes outstanding.

Global Bondholder Services Corp. (212 430-3774) is the exchange agent.

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

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