Ford Motor Co. is offering $750 million of 6.200% notes due June 1, 2059, and intends to list the notes on the New York Stock Exchange.

S&P Global Ratings and Fitch Ratings both assigned BBB ratings to the senior unsecured notes.

Ford plans to use the net proceeds of about $726.5 million, before expenses, for general corporate purposes, mainly for the restructuring of its existing automotive affiliate debt on more favorable terms.

The company said it has the option to redeem the notes, in whole or in part, on or after June 1, 2024.

Interest on the notes will be paid quarterly every March 1, June 1, Sept. 1, and Dec. 1, starting Sept. 1.

BofA Securities Inc., Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC served as joint book-running managers in the offering, while Citigroup Global Markets Inc. and J.P. Morgan Securities LLC acted as joint lead managers.

Barclays Capital Inc., BMO Capital Markets LLC, Credit Suisse Securities (USA) LLC and Goldman Sachs & Co. LLC also served as co-managers.