DEARBORN, Mich. (AFX) - Ford Motor Credit Co. said Friday its offers to exchange a portion of outstanding old notes for a new series of fixed rate notes and a new series of floating rate notes and cash have expired.
The auto-financing company, a unit of auto maker Ford Motor Co., said the offers, which went into effect on May 2, expired Wednesday morning.
Ford expects to deliver an aggregate principal amount of about $1.52 billion of new fixed rate notes and about $1.05 billion of new floating rate notes on Monday.
Ford said it also will pay the cash consideration for the old notes accepted for exchange, plus accrued and unpaid interest on the old notes.
Ford shares closed down 13 cents at $7.10 on the New York Stock Exchange.
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