Ford Motor Credit Company Extends Expiration and Increases Size of Exchange Offers
DEARBORN, Mich., May 15, 2006 -- Ford Motor Credit Company (the "Company") today announced an extension of the expiration date and an increase in the size of its offers to exchange a portion of its outstanding old notes listed in the table below for a new series of fixed rate notes (the "New Fixed Rate Notes") and a new series of floating rate notes (the "New Floating Rate Notes") and cash. The offers were announced on May 2, 2006.
The Company is increasing the maximum principal amount of the New Fixed Rate Notes it is seeking to issue in exchange for old notes, from $1,000,000,000 to $1,500,000,000. Accordingly, the maximum cash consideration to be paid in the Exchange Offers will be increased to $1,300,000,000. The maximum principal amount of $1,000,000,000 of the New Floating Rate Notes the Company is seeking to issue in exchange for old notes is not being increased.
The expiration date for the Exchange Offers has been extended from midnight, New York City time, on May 30, 2006, to 7:00 a.m., New York City time on May 31, 2006. As a result, the intended settlement date of the Exchange Offers will be June 5, 2006 or as soon as practicable thereafter. The pricing time for the Exchange Offers will remain 11:00 a.m., New York City time, on May 25, 2006, unless the Company further extends the expiration date, in which case the pricing time will be 11:00 a.m., New York City time, on the second business day prior to the expiration date as so extended. The approximate principal amounts of each series of old notes that have been tendered for exchange and not withdrawn, as of 5:00 p.m., New York City time, on May 12, 2006, based on information provided by the exchange agent to the Company, are presented in the below table.
CUSIP Common Code Coupon of Old Notes
- 013790493 Floating Rate
345397UB7 020574496 Floating Rate
345397TX1 013802386 6.500%
3454024U2 011828574 7.750%
- 010854750 Floating Rate
45397UF8 - Floating Rate
345397RR6 007716168 7.200%
3454025S6 020212403 Floating Rate
345397UH4 23448009 Floating Rate
345397UE1 020990643 4.950%
345397UG6 - 6.625%
345397GX5 - 6.750%
345397UA9 017704877 5.625%
345397GZ0 016222062 6.375%
345397SG9 009373349 5.800%
Approximate
Aggregate
Aggregate Principal
Maturity Date Principal Amount
of Old Notes Amount Acceptance Tendered
Outstanding Priority as of 5/12/2006
(in millions) Level (in millions)
10/29/2006 $ 225 1 $ 225
11/16/2006 800 2 391
1/25/2007 4,000 3 1,686
2/15/2007 500 4 39
3/13/2007 300 5 74
3/21/2007 750 6 130
6/15/2007 1,000 7 71
9/28/2007 1,400 8 402
11/2/2007 500 9 270
1/15/2008 1,000 10 197
6/16/2008 1,500 11 383
8/15/2008 300 12 43
10/1/2008 1,000 13 144
11/5/2008 300 14 41
1/12/2009 2,800 15 372
Holders of the old notes that have previously delivered tenders are not required to redeliver such tenders or take any other action in response to this announcement. As stated in the Company's offering memorandum dated May 2, 2006, holders of the old notes who have already validly tendered may no longer withdraw.
The new notes have not been registered under the Securities Act or any state securities laws. Therefore, the new notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.
This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The exchange offers are being made only pursuant to an offering memorandum and related letter of transmittal, as amended hereby, and only to such persons and in such jurisdictions as is permitted under applicable law.