Form 8-K · Current Report · Filed 2024-12-16
BlueOval SK Loan Agreement with Federal Financing Bank through DOE
On December 13, 2024, BlueOval SK, LLC, a joint venture among Ford Motor Company, SK On Co., Ltd., and SK Battery America, Inc., entered into a Loan Agreement with the Department of Energy to secure a loan from the Federal Financing Bank for up to $9,633,040,000 to finance battery manufacturing plants in Tennessee and Kentucky.
- Filer
- Ford Motor Company F · NYSE
- Filed
- Accession
- 0000037996-24-000235
- CIK
- 0000037996
- Signal
- Medium impactConsumer Cyclical
- Source
- Official filing on sec.gov ↗
Details
Ford Motor Company, as a sponsor, has guaranteed 50% of the payment obligations under this loan. The agreement includes a Sponsor Support, Share Retention, and Subordination Agreement with terms similar to Ford's existing Credit Agreement.
Items reported
Entry into a Material Definitive Agreement
Creation of a Direct Financial Obligation
Financial Statements and Exhibits
Market reaction
Close before filing
$10.39
Next session
-4.0%
Since filing
+41.3%
Latest close
$14.68
What happened, not what will happen — closing prices around the filing date.
Precedent
Previous filings from F reporting the same item, with the next session's move:
Exhibits (1)
About Ford Motor Company
Ford Motor Company, a prominent entity in the automotive sector, is renowned for designing, manufacturing, and selling a full line of trucks, utility vehicles, and cars, domestically and internationally. This esteemed company, founded in 1903 and headquartered in Dearborn, Michigan, also holds a significant presence in the automotive financial services landscape through Ford Credit. Ford’s commitment to innovation is evident in its push towards sustainable and smart vehicles, including the development of electric and autonomous driving technologies. As a key player in the automotive industry, Ford impacts several sectors, including manufacturing, transportation, and energy. Its operations influence global supply chains, employment, and economic health. The company's broad market reach, storied history, and strategic emphasis on future mobility solutions reinforce its integral role in the automotive market's advancement and evolution.
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