DEARBORN, Mich. -

Ford Motor Co. announced Thursday it has successfully completed an amendment and extension of its revolving credit facility. 

As a result of the transaction, executives explained Ford’s revolving lenders have agreed to extend the maturity of commitments totaling $9 billion to Nov. 30, 2015 from Nov. 30, 2013.

Prior to the amendment, the OEM indicated revolving lenders had commitments under the revolving credit facility totaling $8.9 billion that were scheduled to mature on Nov. 30, 2013, of which approximately $130 million was utilized for letters of credit.

As of Thursday, Ford said revolving lenders have a total of $9 billion of commitments that are scheduled to mature on Nov. 30, 2015, and approximately $300 million of commitments that are scheduled to mature on Nov. 30, 2013.

The facility is undrawn, with the exception of approximately $130 million utilized for letters of credit, according to the company.  

Ford went on to mention the collateral pledged to the lenders under the revolving credit facility will be released when the automaker’s senior long-term, unsecured debt receives investment grade ratings from at least two of the three major rating agencies. 

In addition to the increase in the total amount of commitments and extending the maturity date, Ford pointed out its revolving lenders approved certain modifications to the revolving credit facility, including the elimination of the limitation on debt prepayments and dividends upon the release of collateral.  

“We are very pleased with the results of the amendment and extension transaction, which was significantly oversubscribed, stated Ford vice president and treasurer Neil Schloss.

“This support from our global banking partners represents an important source of committed liquidity and financial flexibility for Ford,” Schloss added.