As it boosts spending on self-driving cars, mobility services and electrified vehicles, Ford Motor Co. (IW 500/4) plans to issue about $2 billion in debt, the company’s first automotive borrowing in almost four years.
The second-largest U.S. automaker is taking on the debt in 10-year and 30-year notes, according to a regulatory filing on December 5. The size of the offering was provided by a person familiar with the details, who asked not to be named because the offer is not yet final. Ford’s last automotive issue was also for $2 billion in January 2013. The company said its auto business had $13.1 billion in debt at the end of September and net cash of $11.2 billion.
