Ford extends, expands big revolving credit line

DEARBORN (AP) -- Ford Motor Co. said last Thursday that it has obtained a two-year extension on the bulk of its revolving line of credit, giving the company more flexibility to finance operations. The new credit line is $9.3 billion with $9 billion expiring in late 2015 and $300 million in late 2013. It replaces an $8.9 billion line of credit that was slated to mature at the end of November 2013. The automaker said the extension is part of its strategy, dubbed the "One Ford" plan, under which it has rolled out new products, matched production to demand, paid down debt and cut engineering and design costs. "This support from our global banking partners represents an important source of committed liquidity and financial flexibility for Ford," said Neil Schloss, Ford's vice president and treasurer. As under the earlier credit facility, about $130 million has been used for letters of credit. Published: Mon, Mar 19, 2012