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Why Ford Stock Just Popped
Ford Motor Company (NYSE: F) stock ripped higher in Thursday afternoon trading, rising as high as 4.6% by 2:40 p.m. EDT on news of some significant debt-reshuffling in Dearborn. Specifically, Ford announced that will conduct a series of cash tender offers (i.e., debt buybacks) of what it described as its “COVID bonds,” issued to provide a cash cushion through the pandemic last year, as well as various other debt instruments. In total, Ford anticipates spending $5 billion to buy back debentures carrying interest rates ranging from 6.375% to nearly 10%, and with due dates ranging from as early as 2023 to as far out as 2047.