Ford Issues $8 Billion Debt Securities After Virus Causes

$2 Billion Loss

BY REUTERS

April 18, 2020 Updated: April 18, 2020

"Ford Motor Co. on Friday raised $8 billion from corporate debt investors to shore up its cash reserves as the COVID-19 outbreak pummeled vehicle sales and production, resulting in an estimated loss of about $2 billion for the first quarter.

The Dearborn Michigan-based company, which lost its investment-grade status in March, raised new funds with a three-part debt offering, according to a regulatory filing.

Investors said Ford benefited from the U.S. Federal Reserve’s move last week to backstop debt offerings by companies that lost investment-grade credit ratings after the COVID-19 crisis accelerated in the United States, International Financing Review reported on Friday."

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https://www.theepochtimes.com/ford-issues-8-billion-debt-securities-after-virus-causes-2-billion-loss_3316905.html