Ford issues $8 bn debt securities after coronavirus causes $2 bn loss

Topics Coronavirus | Ford | Lockdown

Ford Motor Co (F.N) on Friday raised $8 billion from corporate debt investors to shore up its cash reserves as the coronavirus outbreak pummeled vehicle sales and production, resulting in an estimated loss of about $2 billion for the first quarter.

The Dearborn, Michigan-based company, which lost its investment-grade status in March, raised new funds with a three-part debt offering, according to a regulatory filing. Investors said Ford benefited from the US Federal Reserve’s move last week to backstop debt offerings by companies.

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