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Proceeds are for buying back costlier debts and to make voluntary payments to its pension plan.

I wonder if that statement has something to do with the $0.50 drop in F-A shares, even as common rallies.

They have higher coupon issues than F-A, so it could be ignored, even if Ford were to call some debt. I've been expecting more calls for a while now, but few have materialized. A substantial portion of Ford's automotive debt is uncallable, but there are some notably high coupon exceptions that would be worth taking out. I guess the combo of high pension obligations and capex needs in EasternEurope and Asia put them on hold.

This line may be a signal that they're thinking about taking more out. It would be wise to refi it while rates are low. I hope they do more.

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