Ford Motor Credit pitches dual-tranche bond offering

Ford Motor Credit Co. LLC is on the docket today with a two-part offering of senior notes comprising three- and seven-year tranches.

Active bookrunners are Goldman Sachs (B&D for seven-year bonds), Credit Suisse, Deutsche Bank (B&D for three-year bonds), NatWest Markets, SMBC Nikko and Societe Generale. The passive bookrunner group comprises Bradesco, Commerzbank, ICBC and Lloyds. The debt will be SEC-registered.

Ford Motor Credit, through its subsidiaries, provides various automotive financing products for automotive dealers worldwide. The company is headquartered in Dearborn, Mich. Proceeds of the notes will be added to the general funds of Ford Credit and will be available for the purchase of receivables, for loans and for use in connection with the retirement of debt, according to the offering memorandum.

Both maturities will be non-callable for life, with the shorter tenor sporting a par call one month prior to maturity and the longer-dated paper a par all at two months prior to maturity. The bonds are guided with expected BB+/Ba2/BB+ ratings.

Ford Motor Credit last issued paper in August 2021, printing $1.5 billion of 2.7% senior notes due August 2026 at par, which closed the session yesterday at 100.5% of par, yielding 2.58%, trade data show.