Ford Motor Co 8-K, filed Nov 19, 2021
Ford Motor Co (F)
About this 8-K
Ford Motor Co filed this 8-K on November 19, 2021, reporting on events of November 18, 2021.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
| (Commission File Number) | (IRS Employer Identification No.) |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s
telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
On November 19, 2021, Ford Motor Company (the “Company”) announced the early tender results and upsizing of its tender offers (each, a “Tender Offer” and collectively, the “Tender Offers”) to purchase its outstanding 9.000% Notes due April 2025, 9.625% Notes due April 2030, 7.45% GlobLS due July 2031, 9.980% Debentures due February 2047, 8.900% Debentures due January 2032, 8.500% Notes due April 2023, 7.500% Debentures due August 2026, 7.125% Debentures due November 2025, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 (collectively, the “Securities”). On November 19, 2021, the Company amended the terms of the Tender Offers to increase the aggregate tender cap for the combined aggregate principal amount of Securities tendered (the “Aggregate Tender Cap”) from $5,000,000,000 to $6,795,510,000, which is equal to the amount of Securities tendered to date, and announced the accepted amounts and pricing for the Tender Offers. The Tender Offers were made pursuant to an Offer to Purchase dated November 4, 2021, as amended by the Company’s press release dated November 19, 2021 (the “Offer to Purchase”), which sets forth the terms and conditions of the Tender Offers.
The table below sets forth, among other things, the aggregate principal amount of Securities tendered as of 5:00 p.m., New York City time, on November 18, 2021 (the “Early Tender Date”), and accepted in each Tender Offer, and the Total Consideration for each series of Securities validly tendered at or prior to the Early Tender Date and accepted for purchase, as calculated at 10:00 a.m. (New York City time) today, November 19, 2021 in accordance with the terms of the Offer to Purchase:
| Title of Security(1)(2) | CUSIP No. | Principal Amount Outstanding | Acceptance Priority Level | U.S. Treasury Reference Security |
Bloomberg Reference Page |
Reference Treasury Yield |
Fixed Spread | Early Tender Payment (3)(4) |
Principal Amount Tendered at Early Tender Date |
Percent Tendered of Amount Outstanding |
Principal Amount Accepted |
Total Consideration (3)(4) |
9.000% Notes due April 2025* |
345370CW8 | $3,500,000,000 | 1 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +80 bps | $50 | $2,442,405,000 | 69.78% | $2,442,405,000 | $1,225.87 |
9.625% Notes due April 2030* |
345370CX6 | $1,000,000,000 | 2 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +140 bps | $50 | $568,042,000 | 56.80% | $568,042,000 | $1,484.54 |
| 7.45% GlobLS due July 2031 | 345370CA6 | $1,793,531,000 | 3 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +145 bps | $50 | $723,842,000 | 40.36% | $723,842,000 | $1,373.94 |
9.980% Debentures due February 2047 |
345370BW9 | $181,167,000 | 4 | 2.375% UST due 5/15/2051 | FIT1 | 1.921% | +300 bps | $50 | $66,972,000 | 36.97% | $66,972,000 | $1,726.37 |
| 8.900% Debentures due January 2032 | 345370BV1 | $151,302,000 | 5 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +190 bps | $50 | $43,555,000 | 28.79% | $43,555,000 | $1,466.97 |
| 8.500% Notes due April 2023 | 345370CV0 | $3,500,000,000 | 6 | 0.25% UST due 4/15/2023 | FIT4 | 0.306% | +50 bps | $50 | $2,646,607,000 | 75.62% | $2,646,607,000 | $1,107.94 |
7.500% Debentures due August 2026 |
345370BP4 | $193,373,000 | 7 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +120 bps | $50 | $21,182,000 | 10.95% | $21,182,000 | $1,226.66 |
7.125% Debentures due November 2025 |
345370BN9 | $208,646,000 | 8 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +105 bps | $50 | $32,602,000 | 15.63% | $32,602,000 | $1,186.04 |
6.625% Debentures due October 2028 |
345370BY5 | $637,803,000 | 9 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +135 bps | $50 | $191,395,000 | 30.01% | $191,395,000 | $1,232.57 |
6.375% Debentures due February 2029 |
345370BZ2 | $260,471,000 | 10 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +155 bps | $50 | $58,908,000 | 22.62% | $58,908,000 | $1,212.13 |
| (1) | The 7.45% GlobLS due July 2031, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 are listed on the Luxembourg Exchange and on the Singapore Exchange. The remaining series of Securities are not listed on any securities exchange. |
| (2) | In the case of the 9.000% Notes due April 2025 and the 9.625% Notes due 2030, the Total Consideration will be determined taking into account the applicable par call date for such series of Securities. |
| (3) | Per $1,000 principal amount. |
| (4) | The Total Consideration for Securities validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the Early Tender Payment. |
* Denotes a series of Securities for which the calculation of the applicable Total Consideration will be performed using the present value of such Securities determined at the Price Determination Date as if the principal amount of such Securities had been due on the applicable par call date.
The applicable consideration (the “Total Consideration”) listed in the table above for each $1,000 principal amount of each series of Securities was determined at 10:00 a.m., New York City time, on November 19, 2021. Since the principal amount of Securities tendered as of the Early Tender Date is equal to the Aggregate Tender Cap, no Securities tendered after the Early Tender Date will be accepted pursuant to the Tender Offers. The Company may increase the Aggregate Tender Cap at any time, subject to applicable law and currently expects that any such increase will be announced after pricing of the Tender Offers.
Filed as Exhibits 99.1 and 99.2 and incorporated herein by reference are copies of the press releases announcing the early tender results and the accepted amounts and pricing of the Tender Offers, respectively.
Item 7.01. Regulation FD Disclosure.
On November 22, 2021, the Company also expects to deliver to the trustee for delivery to the holders of the 8.500% Notes due April 2023 a notice of redemption to redeem on December 7, 2021 (the “Redemption Date”), all of the 8.500% Notes due April 2023 not purchased by the Company in the applicable Tender Offer, at the redemption price of 100% of the principal amount of the securities to be redeemed plus a make whole premium, plus accrued and unpaid interest to, but not including, the Redemption Date. Payment of the redemption price and surrender of the 8.500% Notes due April 2023 for redemption will be made through the facilities of the Depository Trust Company in accordance with the applicable procedures of the Depository Trust Company on December 7, 2021.
Item 9.01. Financial Statements and Exhibits.
EXHIBITS*
| Designation | Description | Method of Filing |
| Exhibit 99.1 | Press Release, dated November 19, 2021 | Filed with this Report |
| Exhibit 99.2 | Press Release, dated November 19, 2021 | Filed with this Report |
| Exhibit 104 | Cover Page Interactive Data File (formatted in Inline XBRL) |
** |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORD MOTOR COMPANY | ||
| (Registrant) | ||
| Date: November 19, 2021 | By: | /s/ Corey M. MacGillivray |
| Corey M. MacGillivray | ||
| Assistant Secretary |
| * | Any reference in the attached exhibit(s) to our corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission. | |
| ** | Submitted electronically with this Report in accordance with the provisions of Regulation S-T. |
Exhibit 99.1
Ford Motor Company Announces Debt Reduction of $7.6 Billion Through Early Results, Upsizing and Settlement Date for Cash Tender Offers and Planned Redemption of its Remaining 8.500% Notes due April 2023
DEARBORN, Mich., November 19, 2021 – Ford Motor Company (“Ford” or the “Company”) announced today the early tender results and upsizing of its previously announced cash tender offers (each, a “Tender Offer” and collectively, the “Tender Offers”) to purchase its outstanding 9.000% Notes due April 2025, 9.625% Notes due April 2030, 7.45% GlobLS due July 2031, 9.980% Debentures due February 2047, 8.900% Debentures due January 2032, 8.500% Notes due April 2023, 7.500% Debentures due August 2026, 7.125% Debentures due November 2025, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 (collectively, the “Securities”) in the order of priority set forth in the table below (the “Acceptance Priority Level”). The Company has amended the terms of the Tender Offers to increase the combined aggregate principal amount of Securities tendered (the “Aggregate Tender Cap”) from $5,000,000,000 to $6,795,510,000, which is equal to the amount of Securities tendered to date. The Company also announced that the anticipated early settlement date for the Tender Offers is November 22, 2021 (the “Early Settlement Date”). Other than with respect to the increase in the Aggregate Tender Cap, the terms and conditions of the Tender Offers remain unchanged as described in an Offer to Purchase dated November 4, 2021 (as it may be amended or supplemented from time to time, the “Offer to Purchase”).
As of the previously announced early tender date and time of 5:00 p.m., New York City time, on November 18, 2021 (the “Early Tender Date”), according to information provided by Global Bondholder Services Corporation, the tender and information agent for the Tender Offers, the aggregate principal amount of each series of Securities set forth in the table below under “Principal Amount Tendered at Early Tender Date” has been validly tendered and not validly withdrawn in the applicable Tender Offer. Withdrawal rights for the Securities expired at 5:00 p.m., New York City time, on November 18, 2021 (the “Withdrawal Deadline”).
| Title
of Security(1)(2) |
CUSIP No. | Principal
Amount Outstanding |
Acceptance Priority Level |
U.S. Treasury |
Bloomberg Reference Page |
Fixed Spread |
Early (3)(4) |
Principal |
Percent
|
9.000% Notes due April 2025* |
345370CW8 | $3,500,000,000 | 1 | 1.125% UST due 10/31/2026 | FIT1 | +80 bps | $50 | $2,442,405,000 | 69.78% |
9.625% Notes due April 2030* |
345370CX6 | $1,000,000,000 | 2 | 1.25% UST due 8/15/2031 | FIT1 | +140 bps | $50 | $568,042,000 | 56.80% |
| 7.45% GlobLS due July 2031 | 345370CA6 | $1,793,531,000 | 3 | 1.25% UST due 8/15/2031 | FIT1 | +145 bps | $50 | $723,842,000 | 40.36% |
9.980% Debentures due February 2047 |
345370BW9 | $181,167,000 | 4 | 2.375% UST due 5/15/2051 | FIT1 | +300 bps | $50 | $66,972,000 | 36.97% |
| 8.900% Debentures due January 2032 | 345370BV1 | $151,302,000 | 5 | 1.25% UST due 8/15/2031 | FIT1 | +190 bps | $50 | $43,555,000 | 28.79% |
| 8.500% Notes due April 2023 | 345370CV0 | $3,500,000,000 | 6 | 0.25% UST due 4/15/2023 | FIT4 | +50 bps | $50 | $2,646,607,000 | 75.62% |
7.500% Debentures due August 2026 |
345370BP4 | $193,373,000 | 7 | 1.125% UST due 10/31/2026 | FIT1 | +120 bps | $50 | $21,182,000 | 10.95% |
7.125% Debentures due November 2025 |
345370BN9 | $208,646,000 | 8 | 1.125% UST due 10/31/2026 | FIT1 | +105 bps | $50 | $32,602,000 | 15.63% |
6.625% Debentures due October 2028 |
345370BY5 | $637,803,000 | 9 | 1.25% UST due 8/15/2031 | FIT1 | +135 bps | $50 | $191,395,000 | 30.01% |
6.375% Debentures due February 2029 |
345370BZ2 | $260,471,000 | 10 | 1.25% UST due 8/15/2031 | FIT1 | +155 bps | $50 | $58,908,000 | 22.62% |
_________________
| (1) | The 7.45% GlobLS due July 2031, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 are listed on the Luxembourg Exchange and on the Singapore Exchange. The remaining series of Securities are not listed on any securities exchange. |
| (2) | In the case of the 9.000% Notes due April 2025 and the 9.625% Notes due 2030, the Total Consideration will be determined taking into account the applicable par call date for such series of Securities. |
| (3) | Per $1,000 principal amount. |
| (4) | The Total Consideration for Securities validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the Early Tender Payment. |
| * | Denotes a series of Securities for which the calculation of the applicable Total Consideration will be performed using the present value of such Securities determined at the Price Determination Date as if the principal amount of such Securities had been due on the applicable par call date. |
The Company expects to announce the pricing of the Tender Offers and the amount of each series of Securities accepted for purchase later today.
The Securities accepted for purchase on the Early Tender Date will be accepted based on the Acceptance Priority Levels (with 1 being the highest Acceptance Priority Level and 10 being the lowest Acceptance Priority Level), as set forth in the table above. All Securities validly tendered at or prior to the Early Tender Date having a higher Acceptance Priority Level will be accepted before any Securities validly tendered at or prior to the Early Tender Date having a lower Acceptance Priority Level are accepted in the Tender Offers. Securities validly tendered at or prior to the Early Tender Date will be accepted for purchase in priority to other Securities validly tendered after the Early Tender Date, even if such Securities validly tendered after the Early Tender Date have a higher Acceptance Priority Level than Securities validly tendered at or prior to the Early Tender Date. Since the principal amount of Securities tendered as of the Early Tender Date is equal to the Aggregate Tender Cap, unless the Company increases the Aggregate Tender Cap prior to 11:59 p.m., New York City time, on December 3, 2021 (such date and time, as it may be extended, the “Expiration Date”), no Securities tendered after the Early Tender Date will be accepted pursuant to the Tender Offers. The Company may increase the Aggregate Tender Cap at any time, subject to applicable law and currently expects that any such increase will be announced after pricing of the Tender Offers.
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.
The applicable consideration (the “Total Consideration”) offered for the Securities will be a price per $1,000 principal amount of each series of Securities validly tendered and accepted for purchase pursuant to the applicable Tender Offer equal to an amount that would reflect, as of the date of purchase, a yield to the maturity date or the par call date, as applicable, determined by reference to the applicable fixed spread for such Securities (the “Fixed Spread”) specified in the table above plus the applicable yield (the “Reference Yield”) based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above (as applicable to each series of Securities, the “Reference Security”) as quoted at 10:00 a.m., New York City time, on November 19, 2021, pursuant to the terms set forth in the Offer to Purchase.
Holders of any Securities that are validly tendered prior to or at the Early Tender Date and that are accepted for purchase will receive the applicable Total Consideration. The Total Consideration, as calculated using the Fixed Spread for each series of Securities set forth in the table above, is inclusive of the Early Tender Payment. In addition to the Total Consideration, all Holders of Securities validly tendered prior to or at the Early Tender Date and accepted for purchase pursuant to the Tender Offers will, on the Early Settlement Date, also receive accrued and unpaid interest on the Securities from the last interest payment date to, but not including, the Early Settlement Date.
The Company has satisfied the previously announced Financing Condition to the Tender Offers and expects to make payment on the Early Settlement Date for Securities that were validly tendered prior to or at the Early Tender Date and that are accepted for purchase.
The Withdrawal Deadline has passed. Accordingly, Securities that have been tendered at the Early Tender Date and any additional Securities that are tendered at or prior to the Expiration Date may not be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law.
In addition, on November 22, 2021, the Company expects to deliver to the trustee for delivery to the holders of the 8.500% Notes due April 2023 a notice of redemption to redeem on December 7, 2021 (the “Redemption Date”) all of the 8.500% Notes due April 2023 not purchased by the Company in the applicable Tender Offer, at the redemption price of 100% of the principal amount of the securities to be redeemed plus a make whole premium, plus accrued and unpaid interest to, but not including, the Redemption Date. Payment of the redemption price and surrender of the 8.500% Notes due April 2023 for redemption will be made through the facilities of the Depository Trust Company in accordance with the applicable procedures of the Depository Trust Company on December 7, 2021.
Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as the dealer managers in the Tender Offers. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent for the Tender Offers. Persons with questions regarding the Tender Offers should contact Barclays Capital Inc. at (collect) (212) 528-7581 or (toll free) (800) 438-3242, BofA Securities, Inc. at (collect) (980) 683-3215 or (toll free) (888) 292-0070 or (email) debt_advisory@bofa.com, Mizuho Securities USA LLC at (collect) (212) 205-7736 or (toll free) (866) 271-7403, Morgan Stanley & Co. LLC at (collect) (212) 761-1057 or toll free (800) 624-1808 or RBC Capital Markets, LLC at (collect) (212) 618-7843 or toll free (877) 381-2099. Requests for copies of the Offer to Purchase and other related materials should be directed to Global Bondholder Services Corporation at (toll free) (866)-924-2200 or (collect) (212) 430-3774.
None of the Company, its board of directors or officers, the dealer managers, the depositary, the information agent or the trustee with respect to the Securities, or any of their respective affiliates, makes any recommendation that holders tender or refrain from tendering all or any portion of the
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.
principal amount of their Securities, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their Securities and, if so, the principal amount of Securities to tender. The Tender Offers are made only by the Offer to Purchase. This news release is neither an offer to purchase nor a solicitation of an offer to sell any Securities in the Tender Offers. The Tender Offers are not being made to holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offers are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This news release does not constitute an offer to sell, or the solicitation of an offer to sell, or the solicitation of an offer to buy any securities that may be issued pursuant to the transactions described above. Further, nothing contained herein shall constitute a notice of redemption of the Securities of any series.
# # #
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 184,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at https://corporate.ford.com/.
| Contacts: | Fixed Income | |||
|
Media T.R. Reid |
Equity Investment Community Lynn Antipas Tyson |
Investment Karen Rocoff |
Shareholder Inquiries 1.800.555.5259 or | |
| 1.313.319.6683 | 1.914.485.1150 | 1.313.621.0965 | 1.313.845.8540 | |
| treid22@ford.com | ltyson4@ford.com | krocoff@ford.com | stockinf@ford.com |
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.
Exhibit 99.2
Ford Motor Company Announces Accepted Amounts and Pricing of Cash Tender Offers
DEARBORN, Mich., November 19, 2021 – Ford Motor Company (“Ford” or the “Company”) announced today the consideration payable in connection with its previously announced cash tender offers (each, a “Tender Offer” and collectively, the “Tender Offers”) to purchase its outstanding 9.000% Notes due April 2025, 9.625% Notes due April 2030, 7.45% GlobLS due July 2031, 9.980% Debentures due February 2047, 8.900% Debentures due January 2032, 8.500% Notes due April 2023, 7.500% Debentures due August 2026, 7.125% Debentures due November 2025, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 (collectively, the “Securities”) in the order of priority set forth in the table below (the “Acceptance Priority Level”), subject to an aggregate tender cap of $6,795,510,000 for all series of Securities tendered (the “Aggregate Tender Cap”). Other than with respect to the previously announced upsizing of the Aggregate Tender Cap from $5,000,000,000 to $6,795,510,000, the terms and conditions of the Tender Offers remain unchanged as described in an Offer to Purchase dated November 4, 2021 (as it may be amended or supplemented from time to time, the “Offer to Purchase”).
The table below sets forth, among other things, the aggregate principal amount of Securities tendered as of 5:00 p.m., New York City time, on November 18, 2021 (the “Early Tender Date”), and accepted in each Tender Offer, and the Total Consideration for each series of Securities validly tendered at or prior to the Early Tender Date and accepted for purchase, as calculated at 10:00 a.m. (New York City time) today, November 19, 2021 in accordance with the terms of the Offer to Purchase:
| Title
of Security(1)(2) |
CUSIP No. | Principal
Amount Outstanding |
Acceptance Priority Level |
U.S. Treasury |
Bloomberg Reference Page | Reference Treasury Yield |
Fixed Spread |
Early (3)(4) |
Principal
Amount Tendered at Early Tender Date |
Percent
Tendered of Amount Outstanding |
Principal Amount Accepted | Total Consideration (3)(4) |
9.000% Notes due April 2025* |
345370CW8 | $3,500,000,000 | 1 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +80 bps | $50 | $2,442,405,000 | 69.78% | $2,442,405,000 | $1,225.87 |
9.625% Notes due April 2030* |
345370CX6 | $1,000,000,000 | 2 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +140 bps | $50 | $568,042,000 | 56.80% | $568,042,000 | $1,484.54 |
| 7.45% GlobLS due July 2031 | 345370CA6 | $1,793,531,000 | 3 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +145 bps | $50 | $723,842,000 | 40.36% | $723,842,000 | $1,373.94 |
9.980% Debentures due February 2047 |
345370BW9 | $181,167,000 | 4 | 2.375% UST due 5/15/2051 | FIT1 | 1.921% | +300 bps | $50 | $66,972,000 | 36.97% | $66,972,000 | $1,726.37 |
| 8.900% Debentures due January 2032 | 345370BV1 | $151,302,000 | 5 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +190 bps | $50 | $43,555,000 | 28.79% | $43,555,000 | $1,466.97 |
| 8.500% Notes due April 2023 | 345370CV0 | $3,500,000,000 | 6 | 0.25% UST due 4/15/2023 | FIT4 | 0.306% | +50 bps | $50 | $2,646,607,000 | 75.62% | $2,646,607,000 | $1,107.94 |
7.500% Debentures due August 2026 |
345370BP4 | $193,373,000 | 7 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +120 bps | $50 | $21,182,000 | 10.95% | $21,182,000 | $1,226.66 |
7.125% Debentures due November 2025 |
345370BN9 | $208,646,000 | 8 | 1.125% UST due 10/31/2026 | FIT1 | 1.166% | +105 bps | $50 | $32,602,000 | 15.63% | $32,602,000 | $1,186.04 |
6.625% Debentures due October 2028 |
345370BY5 | $637,803,000 | 9 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +135 bps | $50 | $191,395,000 | 30.01% | $191,395,000 | $1,232.57 |
6.375% Debentures due February 2029 |
345370BZ2 | $260,471,000 | 10 | 1.25% UST due 8/15/2031 | FIT1 | 1.515% | +155 bps | $50 | $58,908,000 | 22.62% | $58,908,000 | $1,212.13 |
_________________
| (1) | The 7.45% GlobLS due July 2031, 6.625% Debentures due October 2028 and 6.375% Debentures due February 2029 are listed on the Luxembourg Exchange and on the Singapore Exchange. The remaining series of Securities are not listed on any securities exchange. |
| (2) | In the case of the 9.000% Notes due April 2025 and the 9.625% Notes due 2030, the Total Consideration will be determined taking into account the applicable par call date for such series of Securities. |
| (3) | Per $1,000 principal amount. |
| (4) | The Total Consideration for Securities validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable Fixed Spread and is inclusive of the Early Tender Payment. |
| * | Denotes a series of Securities for which the calculation of the applicable Total Consideration will be performed using the present value of such Securities determined at the Price Determination Date as if the principal amount of such Securities had been due on the applicable par call date. |
The applicable consideration (the “Total Consideration”) for each $1,000 principal amount of each series of Securities was determined at 10:00 a.m., New York City time, on November 19, 2021.
The Total Consideration offered for the Securities is a price per $1,000 principal amount of each series of Securities validly tendered and accepted for purchase pursuant to the applicable Tender Offer equal to an amount that would reflect, as of the date of purchase, a yield to the maturity date or the par call date, as applicable, determined by reference to the applicable fixed spread for such Securities (the “Fixed Spread”) specified in the table above plus the applicable yield (the “Reference Yield”) based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above (as applicable to each series of Securities, the “Reference Security”) as quoted at 10:00 a.m., New York City time, on November 19, 2021, pursuant to the terms set forth in the Offer to Purchase.
Holders of any Securities that are validly tendered prior to or at the Early Tender Date and that are accepted for purchase will receive the applicable Total Consideration. The Total Consideration, as calculated using the Fixed Spread for each series of Securities set forth in the table above, is inclusive of the Early Tender Payment. In addition to the Total Consideration, all Holders of Securities validly tendered prior to or at the Early Tender Date and accepted for purchase pursuant to the Tender Offers will, on November 22, 2021 (the “Early Settlement Date”), also receive accrued and unpaid interest on the Securities from the last interest payment date to, but not including, the Early Settlement Date.
Since the principal amount of Securities tendered and accepted for purchase as of the Early Tender Date is equal to the Aggregate Tender Cap, unless the Company increases the Aggregate Tender Cap prior to 11:59 p.m., New York City time, on December 3, 2021 (such date and time, as it may be extended, the “Expiration Date”), no Securities tendered after the Early Tender Date will be accepted pursuant to the Tender Offers. The Company may increase the Aggregate Tender Cap at any time, subject to applicable law and currently expects that any such increase will be announced after pricing of the Tender Offers.
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.
The Withdrawal Deadline has passed. Accordingly, Securities that have been tendered at the Early Tender Date and any additional Securities that are tendered at or prior to the Expiration Date may not be withdrawn, except in certain limited circumstances where additional withdrawal rights are required by law.
Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC are acting as the dealer managers in the Tender Offers. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent for the Tender Offers. Persons with questions regarding the Tender Offers should contact Barclays Capital Inc. at (collect) (212) 528-7581 or (toll free) (800) 438-3242, BofA Securities, Inc. at (collect) (980) 683-3215 or (toll free) (888) 292-0070 or (email) debt_advisory@bofa.com, Mizuho Securities USA LLC at (collect) (212) 205-7736 or (toll free) (866) 271-7403, Morgan Stanley & Co. LLC at (collect) (212) 761-1057 or toll free (800) 624-1808 or RBC Capital Markets, LLC at (collect) (212) 618-7843 or toll free (877) 381-2099. Requests for copies of the Offer to Purchase and other related materials should be directed to Global Bondholder Services Corporation at (toll free) (866)-924-2200 or (collect) (212) 430-3774.
None of the Company, its board of directors or officers, the dealer managers, the depositary, the information agent or the trustee with respect to the Securities, or any of their respective affiliates, makes any recommendation that holders tender or refrain from tendering all or any portion of the principal amount of their Securities, and no one has been authorized by any of them to make such a recommendation. Holders must make their own decision as to whether to tender their Securities and, if so, the principal amount of Securities to tender. The Tender Offers are made only by the Offer to Purchase. This news release is neither an offer to purchase nor a solicitation of an offer to sell any Securities in the Tender Offers. The Tender Offers are not being made to holders of Securities in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Tender Offers are required to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of the Company by the dealer managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.
This news release does not constitute an offer to sell, or the solicitation of an offer to sell, or the solicitation of an offer to buy any securities that may be issued pursuant to the transactions described above. Further, nothing contained herein shall constitute a notice of redemption of the Securities of any series.
# # #
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, that is committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities and always-on relationships with customers to enrich experiences for and deepen the loyalty of those customers. Ford designs, manufactures, markets and services a full line of connected, increasingly electrified passenger and commercial vehicles: Ford trucks, utility vehicles, vans and cars, and Lincoln luxury vehicles. The company is pursuing leadership positions in electrification, connected vehicle services and mobility solutions, including self-driving technology, and provides financial services through Ford Motor Credit Company. Ford employs about 184,000 people worldwide. More information about the company, its products and Ford Motor Credit Company is available at https://corporate.ford.com/.
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.
| Contacts: | Fixed Income | |||
|
Media T.R. Reid |
Equity Investment Community Lynn Antipas Tyson |
Investment Karen Rocoff |
Shareholder Inquiries 1.800.555.5259 or | |
| 1.313.319.6683 | 1.914.485.1150 | 1.313.621.0965 | 1.313.845.8540 | |
| treid22@ford.com | ltyson4@ford.com | krocoff@ford.com | stockinf@ford.com |
For news releases, related materials and high-resolution photos and video, visit www.media.ford.com.