Ford To Repurchase Up To $5 Billion In Junk Bonds To Restore Credit Rating
Ford Motor Company (NYSE:F) is said to buy back about $5 billion of its high-yield bonds in a move to restructure its balance sheet, which ballooned with emergency borrowings when car manufacturers were forced to shut down operations in 2020. Q3 2021 hedge fund letters, conferences and more Bond BuybackAs reported by CNBC, Ford is repurchasing most of the $8 billion in bonds the firm issued at the onset of the Covid pandemic at lofty yields of between 8.5% and 9.625%. Ford Treasurer Dave Webb said the automotive giant is also buying back older bonds at similarly high yields to improve its cred...