Photo: © aly song / reuters/ReutersFord Motor Co. will raise $2.8 billion in new long-term financing for its automotive business, tapping debt markets for the first time in nearly four years to fund investment in new technologies. Once awash in debt, Ford paid down its obligations in the years following the financial crisis to revitalize its balance sheet. The last time Ford issued new automotive debt was in January 2013, when it raised $2 billion in 30-year notes at 4.75%. Ford had $24.3 billion in automotive cash and $13.1 billion in debt at the end of the third quarter 2016. Corrections & Amplifications:Ford Motor will raise $2.8 billion in new long-term financing for its automotive business.

Source: Wall Street Journal December 05, 2016 16:51 UTC