Ford Motor Company’s $2.3 Billion Convertible Senior Notes Offering

Davis Polk advised Ford Motor Company in the offering, while Shearman & Sterling advised the underwriters.

Ford Motor Company executed its offering of $2.3 billion aggregate principal amount of 0% convertible senior notes due 2026, including $300 million principal amount of convertible notes pursuant to the exercise in full of the initial purchasers’ over-allotment option to purchase additional convertible notes.

Citigroup, Deutsche Bank, Goldman Sachs & Co. LLC, and J.P. Morgan acted as representatives of the initial purchasers in connection with the offering. 

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan. The company designs, manufactures, markets and services a full line of Ford trucks, utility vehicles and cars – increasingly including electrified versions – and Lincoln luxury vehicles, provides financial services through Ford Motor Credit Company and is pursuing leadership positions in electrification, mobility solutions, including self-driving services and connected vehicle services. Ford employs approximately 186,000 employees worldwide.

The Davis Polk corporate team included partner Michael Kaplan (Picture) and associate Stephen A. Byeff. The equity derivatives team included partner Ray Ibrahim and associate Lindsey B. Meyers-Perez. Partner Lucy W. Farr and associate Liang Zhang provided tax advice. 

Shearman & Sterling advised the underwriters with of counsel Lisa Jacobs, partner Richard Alsop and associate Robert D. Giannattasio.

Involved fees earner: Stephen Byeff – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Ray Ibrahim – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Lindsey Meyers-Perez – Davis Polk & Wardwell; Liang Zhang – Davis Polk & Wardwell; Richard Alsop – Shearman & Sterling; Robert Giannattasio – Shearman & Sterling; Lisa Jacobs – Shearman & Sterling;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling;

Clients: Citigroup Inc.; Deutsche Bank; Ford Motor Co.; Goldman Sachs & Co.; J.P. Morgan Securities LLC;

Author: Martina Bellini