F
Ford Motor Company
Borrower counsel
Davis Polk
Individual advisers not yet recorded
Rainmaker
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Ford Motor Company amends and extends US$21 billion of revolving and delayed-draw term loan commitments $update-09-18
Completed15 Apr 2026Deal Overview
- Value
- $21bnDisclosed
- Deal type
- Financing
- Structure
- Refinancing / amend-and-extendFinance
- Status
- Completed15 Apr 2026
Advisors
BORROWER
Davis Polk Overview
- Borrower: Ford Motor Company (Dearborn, Michigan). Ford Motor Credit Company LLC and Ford Motor Company Brasil Ltda. are among the subsidiary borrowers under the main Credit Agreement.
- Transaction: on 15 April 2026 Ford entered into four amendments that extend its unsecured corporate liquidity facilities by about a year: the Twenty-Third Amendment to the Credit Agreement (US$3.4bn of commitments to 13 April 2029 and US$10.1bn to 15 April 2031), the Eighth Amendment to the supplemental Revolving Credit Agreement (US$2.0bn to 13 April 2029), the Fifth Amendment to the 364-Day Revolving Credit Agreement (US$2.5bn to 14 April 2027) and the First Amendment to the July 2025 Term Loan Credit Agreement (US$3.0bn of delayed-draw commitments available to 31 December 2026; drawn loans mature 31 December 2028). Together: US$21.0bn of commitments.
- Terms: the facilities remain unsecured and guaranteed by certain Ford subsidiaries; interest is Daily Simple SOFR plus an applicable margin; the sustainability-linked margin and fee adjustments carried since 2021 were removed; Ford must maintain at least US$4bn of domestic cash, cash equivalents and loaned and marketable securities.
- Context: an annual amend-and-extend of the same facilities (the April 2025 round extended the same US$3.4bn, US$10.1bn, US$2.0bn and US$2.5bn tranches by one year), preserving c.US$21bn of committed backstop liquidity rather than raising new money.
- Borrower counsel: Davis Polk & Wardwell LLP, New York counsel to Ford (its opinion is a condition in each amendment); no deal team published. Machado, Meyer, Sendacz e Opice acted as Brazilian counsel to Ford Brasil. Ford's in-house counsel (Secretary or Assistant Secretary) also delivered an opinion; the 8-K is signed by Assistant Secretary David J. Witten.