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Cut in debt seen
April 8, 2009, Wednesday
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Print Edition
Print Edition
SHARES of Ford Motor Co soared 16 percent on Monday after the company said it completed tender offers that will reduce its debt by 38 percent and shave millions of dollars off its interest costs.
The auto maker retired about US$9.9 billion in securities in exchange for cash and shares under terms of the debt buybacks. Combined, the moves are expected to cut Ford's interest expenses by more than US$500 million this year.
The auto maker retired about US$9.9 billion in securities in exchange for cash and shares under terms of the debt buybacks. Combined, the moves are expected to cut Ford's interest expenses by more than US$500 million this year.
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