The automaker said it would push the shares "from space to time" and use the proceeds to bribe Ford Motor Credit LLC noteworthy debt securities. "It's in layout to strengthen Ford Motor Co.'s equilibrium sheet," Ford spokesman Bill Collins said.
He said Ford plans to use the proceeds to come by Ford Credit bonds with short-term maturities. "With short-term maturities, we're buying back the indebtedness at a discount," he said. The bulletin follows an Aug. 14 map out to supply $500 million in shares for the same reason. On Thursday, Ford said it had sold 88.3 million shares for a thorough of $434.5 million.
Goldman Sachs is acting as the selling go-between in both instances. Ford Motor Credit has struggled in current months, bewitching a $2.1-billion pervade during the subscribe to thirteen weeks allied to the trickle in employed channel prices.
The relocate also further dilutes Ford assortment at a take when its price is already near compact disc lows. As of May 1, the attendance had 2.17 billion simple shares outstanding, according to the SEC filing. Ford shares closed down 20 cents, or 4.4%, Thursday to $4.35. Contact SARAH A. WEBSTER at 313-222-5394 or.
The Associated Press contributed to this report.
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