November 25, 2009 (FinancialWire) — Automaker Ford Motor Co. (NYSE: F) said it has completed a plan to amend and extend the company’s revolving credit facility under its secured credit agreement. The agreements, which cover nearly $8 billion of debt, are an important step in helping the automaker which did not require a federal bailout or bankruptcy protection in 2009 to manage its heavy debt load.

According to Ford, the company’s lenders have agreed to extend the maturity of commitments totaling $7.2 billion under the facility to November 30, 2013 from December 15, 2011, and to convert $724 million of their existing revolving loans to a new term loan that matures on December 15, 2013.

The total amount extended to 2013, including the new term loan, is $7.9 billion.

Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 25 percent. Lenders that agreed to extend the maturity of their revolving commitments will receive a one percentage point increase in interest rate margins, an increase in quarterly fees and payment of an upfront fee.

On December 3, 2009, Ford will repay $1.9 billion of the existing revolving loans to effect the commitment reductions elected by extending lenders. Lenders with commitments totaling $886 million have elected not to extend those commitments, which will mature on the original maturity date of December 15, 2011.

Prior to the amendment, revolving lenders held commitments totaling $10.7 billion that matured on December 15, 2011. After the amendment, revolving lenders hold a total of $8.1 billion of extended and non-extended revolving commitments and $724 million of the new term loan.

The lenders also approved amendments to the credit facility that expand existing limitations on debt prepayments and repurchases to allow for further balance sheet improvements.

Dearborn, Michigan-based Ford Motor manufactures or distributes automobiles across six continents. The company has about 200,000 employees and about 90 plants worldwide, and its brands include Ford, Lincoln, Mercury and Volvo.

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