Ford Motor Company $2.5 billion bond offering and $7.6 billion cash tender offers
Davis Polk advised Ford Motor Company in connection with its $2.5 billion SEC-registered debt offering of its 3.250% notes due 2032, which represents Ford’s inaugural sustainability bond offering. The net proceeds of the notes will be used for clean transportation projects and specifically to the design, development and manufacture of its battery electric vehicle portfolio.
In addition, Davis Polk also advised Ford Motor Company in connection with its cash tender offers for its outstanding 9.000% notes due April 2025, 9.625% notes due April 2030, 7.45% GlobLS due July 2031, 9.980% debentures due February 2047, 8.900% debentures due January 2032, 8.500% notes due April 2023, 7.500% debentures due August 2026, 7.125% debentures due November 2025, 6.625% debentures due October 2028 and 6.375% debentures due February 2029. Davis Polk also advised Ford Motor Company with respect to the redemption of all remaining outstanding 8.500% notes due April 2023 following the early settlement of the tender offers.
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford trucks, utility vehicles and cars – increasingly including electrified versions – and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, mobility solutions, including self-driving services and connected vehicle services. Ford employs approximately 184,000 employees worldwide.
The Davis Polk capital markets team included partner Michael Kaplan and associates Stephen A. Byeff and Lincoln Jim. Partner Lucy W. Farr and associate Benjamin Helfgott provided tax advice. All members of the Davis Polk team are based in the New York office.