( Reuters) – Ford Motor Co ( F.N) on Friday raised $8 billion from corporate financial obligation investors to support its money reserves as the coronavirus outbreak mauled vehicle sales and production, leading to an approximated loss of about $2 billion for the first quarter.
FILE PICTURE: FILE IMAGE: The front grill logo of a Ford pickup truck is seen in this picture taken in Carlsbad, California November 5, 2014 REUTERS/Mike Blake
The Dearborn, Michigan-based business, which lost its investment-grade status in March, raised brand-new funds with a three-part unsecured debt offering, International Financing Review reported on Friday.
Financiers stated Ford took advantage of the U.S. Federal Reserve’s relocation recently to backstop financial obligation offerings by companies that lost investment-grade credit ratings after the COVID-19 crisis sped up in the United States, according to IFR.
In an environment where rates of interest on