Exhibit 99.2
Ford
Ford Motor Credit Company
NEWS
Contact: Media: Equity Investment Fixed Income Investment
------ ----------------- -----------------------
Brenda Hines Community: Community:
313.594.1099 ---------- ----------
bhines1@ford.com Raj Modi Rob Moeller
313.323.8221 313.621.0881
fordir@ford.com fixedinc@ford.com
FOR IMMEDIATE RELEASE
- ---------------------
FORD MOTOR CREDIT COMPANY PROPOSES
REGISTERED EXCHANGE OFFERS FOR UP TO $2.4 BILLION
OF HERTZ DEBT SECURITIES
DEARBORN, Mich., Sept. 12, 2005 - Ford Motor Credit Company announced today that
it intends to file with the Securities and Exchange Commission a registration
statement to offer to exchange debt securities of Ford Motor Credit for up to
$2.4 billion of outstanding debt securities of The Hertz Corporation having
similar terms.
These exchange offers are being made in connection with the sale by Ford Motor
Company (NYSE: F) of Hertz to an investor group composed of Clayton Dubilier &
Rice, The Carlyle Group and Merrill Lynch Global Private Equity. Ford Motor
Credit would receive from the buyers of Hertz cash for any Hertz debt securities
that are exchanged.
- more -
The Hertz debt securities that Ford Motor Credit is offering to exchange for
Ford Motor Credit debt securities are listed below:
Outstanding Ford Credit Debt Securities
Principal Debt Securities Issued by to be Issued in Exchange
Amount Hertz to be Exchanged for the Hertz Debt Securities
------ --------------------- -----------------------------
$600,000,000 6.350% Senior Notes 6.350% Notes
due June 15, 2010 due June 15, 2010
$500,000,000 7.40% Senior Notes 7.40% Notes
due March 1, 2011 due March 1, 2011
$800,000,000 7 5/8% Senior Notes 7 5/8% Notes
due June 1, 2012 due June 1, 2012
$250,000,000 6.9% Notes 6.9% Notes
due August 15, 2014 due August 15, 2014
$250,000,000 7% Senior Notes 7% Notes
due January 15, 2028 due January 15, 2028
Consents to amend the indentures under which the Hertz debt securities have been
issued will also be sought as part of the exchange offers.
The exchange offers would be conditioned on, and are intended to close
simultaneously with, the consummation of the sale of Hertz by Ford to the
buyers. The sale is anticipated to be completed by year end.
Ford Motor Credit Company is one of the world's largest automotive finance
companies and has supported the sale of Ford products since 1959. With about
16,000 employees, Ford Motor Credit operates in 37 countries and manages $160
billion in receivables. Ford Motor Credit is an indirect, wholly owned
subsidiary of Ford Motor Company. It provides automotive financing for Ford,
Lincoln, Mercury, Aston Martin, Jaguar, Land Rover, Mazda and Volvo dealers and
customers.
THIS PRESS RELEASE IS NOT AN OFFER TO SELL SECURITIES AND IT IS NOT SOLICITING
AN OFFER TO BUY OR EXCHANGE SECURITIES IN THE UNITED STATES, NOR IS THIS PRESS
RELEASE AN OFFER TO SELL SECURITIES OR SOLICITING AN OFFER TO BUY OR EXCHANGE
SECURITIES IN ANY STATE OR JURISDICTION IN WHICH SUCH AN OFFER, SOLICITATION OR
SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAW OF ANY SUCH STATE OR JURISDICTION.
# # #