Ford successfully extends revolving credit line

FoMoCo announced today that it has successfully completed the extension of its revolving credit facility under its secured credit agreement.

“Revolving lenders have agreed to extend the maturity of commitments totaling $7.2 billion under the facility to November 30, 2013 from December 15, 2011, and such lenders will convert $724 million of their existing revolving loans to a new term loan that matures on December 15, 2013,” Ford said in a statement. “The total amount extended to 2013, including the new term loan, is $7.9 billion.

Ford said that it will repay $1.9 billion of its existing revolving loan by Dec. 3, 2009 to effect the commitment reductions elected by extending lenders.

“We are very pleased with the results of the amendment, extension to our revolving credit facility, and new term loan” said Neil Schloss, Ford vice president and treasurer. “We appreciate the support of our banking partners as today”s actions will provide additional liquidity through 2013.”

Before the amendment, revolving lenders held commitments totaling  $10.7 billion that matured on December 15, 2011. After the amendment, revolving lenders hold a total of $8.1 billion of extended and non-extended revolving commitments and $724 million of the new term loan.

– By: Stephen Calogera