• Most Popular
  • Most Shared

UPDATE 1-Ford says issued 62 million new shares to cut debt

Fri Dec 7, 2007 7:40pm EST

Stocks

   

(Adds details on debentures)

Stocks  |  Bonds

NEW YORK, Dec 7 (Reuters) - Ford Motor Co (F.N) said on Friday it issued over 62 million shares of common stock in exchange for debt to improve its balance sheet.

Ford said the share issue reduced its debt and interest costs. Ford has over 2 billion shares outstanding, according to Reuters data.

Ford said the affected debt included $442 million principal amount of its debentures due in Feb. 1, 2029 and $125 million principal amount of its debentures due Oct. 1, 2028.

Ford declined to disclose the current value of the debentures or the holder. (Reporting by Dane Hamilton and Lisa Baertlein; Editing by Andre Grenon)

Stocks
Bonds


More from Reuters

Photo

GM to shut down Saab, talks with Spyker fail

DETROIT/STOCKHOLM (Reuters) - General Motors Co said it would begin shutting down its money-losing Saab brand after a last-ditch talk to sell it to a small Dutch sports car builder collapsed on Friday.

» More Top News
A woman shops at a Sam's Club store, a division of Wal-Mart Stores, in Bentonville, Arkansas June 4, 2009. REUTERS/Jessica Rinaldi

The food-stamp economy

On the last day of every month, shoppers at Walmart load their carts with food and household items and wait for the midnight hour. Is this the new normal in America?  Full Article 

U.S.
Two men shake hands in a file photo. REUTERS/File

Let's make a deal

The battered M&A sector will make a tepid recovery in the coming year and three hot sectors will lead the way, according to a Thomson Reuters analysis.  Full Article 

Global Deals Review