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Ford Motor Company (F) - free report >>
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Ford Motor Company (F) - free report >>
Toyota Motor Corporation (TM) - free report >>
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Ford (F) Renews $15.5B Revolving Credit In Line With Ford+
Ford (F - Free Report) recently announced its decision to extend $15.5 billion in revolving credit facility to encompass key metrics that are fundamental to the Ford+ growth plan and align with its approach to operate a safe, sustainable, and successful business. After the extension scheduled for this year, Ford will lead the transition of the corporate loan away from the LIBOR interbank rate by pricing its revolving credit facilities directly off the daily SOFR interest rate for corporate borrowings.
The innovative arrangement brings together extensions of three revolving credit lines that consist of a five-year, $10.1 billion facility (maturing in September 2026), a three-year, $3.4 billion facility (maturing in 2024) and a three-year, $2.0 billion facility (maturing in September 2024). The renewal policies have been designed to be more inclusive to take into account Ford’s environmental, social and corporate governance initiatives, including the company’s stewardship in the electric vehicle revolution.
Ford is on track to meet its goal of 100% renewable electricity consumption by 2035. In sync with this, the company has been making diligent efforts to increase the percentage of renewable electricity consumed in its global manufacturing plants.
MI-based Ford designs, manufactures, markets and services cars, trucks, sport utility vehicles, electrified vehicles, and Lincoln luxury vehicles. The company also provides financial services through Ford Motor Credit Company LLC. Shares of Ford have climbed 111.8% over a year compared with the industry’s 35.3% rise.
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Ford — which shares space with auto giants like Tesla (TSLA - Free Report) , Volkswagen AG (VWAGY - Free Report) , and Toyota Motor (TM - Free Report) — currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.