Ford Motor Co. (F) announced that it has priced offering of senior convertible notes due November 15, 2016. The company said that the notes of $2.5 billion will be offered, an increase from the previously announced amount of $2 billion. The company expects to settle the sale of notes to underwriters on November 9.
Ford has granted the underwriters an option to buy an additional $375 million of notes. The company intends to use offering net proceeds for general corporate purposes.
The company stated that the notes will be convertible into common shares, cash or a combination thereof, at Ford's election. The company noted that the initial conversion rate is 107.5269 shares of Ford common stock per $1,000 of notes, which is equivalent to about $9.30 per share.
For comments and feedback: editorial@rttnews.com