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Reuters

Ford to retire $5 billion in high-interest debt, issue green bonds

Ford Motor Co said it plans to retire up to $5 billion in high-interest debt and tap into the fast-growing market for “green” bonds to help it finance new electric vehicles and expand credit to customers with lower scores. Ultimately, the automaker aims to regain an investment grade rating for itself and Ford Credit, its captive financing arm, which in turn would lower the cost of future borrowing. Ford expects initially to offer a $1 billion green bond at 3.5% to 4% interest, to replace some of the high-coupon bonds and to supplement the zero-interest convertible debt it issued earlier this year.