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Ford raising the amount it can borrow

Dec. 6, 2006 at 5:05 PM   |   Comments

NEW YORK, Dec. 6 (UPI) -- Ford Motor Co. is raising from $18 billion to as much as $23 billion a credit line guaranteed by its factories and inventories.

The No. 2 carmaker disclosed in a Securities and Exchange Commission filing that it is boosting an $8 billion revolving credit facility to an estimated $10.5 billion to $11.5 billion due to "overwhelming support" by lenders, TheStreet.com reported.

That would boost its planned financing package to $22 billion to $23 billion.

The credit facility is the first in the company's history that uses its own assets as collateral.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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