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Stock impact report

Ford Raises $8 Billion of Junk Bonds After Virus Spurs Loss [Yahoo! Finance News]

Ford Motor Company (F) 
Last ford motor company earnings: 4/28 04:09 pm Check Earnings Report
US:NYSE Investor Relations: shareholder.ford.com
(Bloomberg) -- Ford Motor Co. took its first drive through the high-yield market in years, looking to shore up liquidity after reporting one of its largest ever quarterly losses.The automaker raised $8 billion of unsecured bonds in three parts. The longest maturity, a 10-year security, will yield 9.625%, after initially being marketed around 11%, according to a person with knowledge of the matter. It’s the company’s first debt offering since losing its investment-grade ratings on March 25, becoming the largest fallen angel of the current downgrade cycle.“Demand has been very strong,” T.R. Reid, a Ford spokesman, said before the sale was finalized. “We’re very pleased with what we found out there.”Chief Executive Officer Jim Hackett has already suspended Ford’s dividend and drew $15.4 billion from two credit lines last month to shore up funds. The company lost about $2 billion in the first quarter, according to preliminary results released Friday.Ford had hinted at raising more cash to Show less Read more
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