DEARBORN, Mich. – Ford Motor Credit Company said it will take a bigger chunk out of Ford Motor Company's $2.2 billion in term loan debt by increasing last week’s $500 million pledge to $1 billion.

“The cash tender offer by Ford Credit for Ford’s senior secured term loan debt has been over-subscribed, and the decision was made to increase the amount of cash used so Ford Credit could purchase additional term loan debt,” said Neil Schloss, Ford Treasurer.

Ford Credit initially had a $500 million cash tender offer to purchase Ford’s senior secured term loan debt. But based on the tenders received, Ford Credit decided to double the cash offer.

Through the early tender date of Ford Credit’s $1.3 billion cash tender offer for Ford’s unsecured, non-convertible debt securities, approximately $3.4 billion principal amount of debt securities have been tendered

“With these tenders, we have taken significant steps toward reducing Ford’s long-term debt and strengthening our balance sheet,” Schloss said.