Cars and Drivers
Ford Motor Unloading More Shares To Raise Cash (F)
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Ford Motor Company (NYSE: F) has announced that it will raise capital via a registered public offering of some 300 million shares of common stock. At the closing price of Ford today, this would bring in roughly $1 billion.
The use of fund is earmarked for general corporate purposes, “including to fund with cash, instead of stock, a portion of the payments the company is required to make to the Voluntary Employee Beneficiary Association (VEBA) retiree health care trust with the United Auto Workers.”
Citi, Goldman Sachs, J.P. Morgan, and Morgan Stanley are listed as the joint book-running managers of the offering. Ford will grant the underwriters a 30-day option to purchase up to 45 million shares of common stock.
Ford shares closed down 2.5% at $6.08 today, and the stock is down almost 5% at $5.78 in the after-hours reaction. Ford’s 52-week trading range is $1.01 to $8.37.
JON C. OGG
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