US:Ford enters credit agreement for more than $18 billion
Ford enters credit agreement for more than $18 billion
DETROIT -- Ford Motor Co. today said it has entered a credit agreement including a $7 billion term loan facility and a five-year $11.485 billion revolving credit facility.
Borrowings will be secured by Ford's assets, including domestic auto plants, stock of subsidiaries including Ford Motor Credit Co. and Volvo, and up to $4 billion in domestic cash, the automaker said in a filing with the U.S. Securities and Exchange Commission.
The second-largest U.S. automaker had said last week said it planned to borrow $18 billion by pledging assets as collateral for loans in a plan that included about $8 billion in secured revolving credit.
The borrowing plan, which prompted ratings cuts by all three credit rating agencies, is expected to finance Ford's efforts to rescue its North American operation. The unit has lost $12.39 billion before taxes and including special items since January 2005.
My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.
My next Ford.....