FoMoCo said today that it is planning to sell close to $500 million worth of new stock and will use it to buy bonds from Ford Motor Credit. According to company spokesman Bill Collin, the transaction will help Ford strengthen its balance sheet by cutting debt.

Ford hasn’t given any schedule on when the deal will be completed but Collins said that Goldman Sachs Group is handling the sale of the new shares.

Ford has traded a total if $927 million debut for equity in the past 12 months.

Source: Automotive News (Subscription Required)