Business news digest

NATION

Ford moves aim to reduce debt by 38 percent

DETROIT — Ford Motor Co. said Monday it completed tender offers that will reduce its debt by 38 percent and shave millions of dollars off its interest costs.

The automaker retired about $9.9 billion in securities issued by either the parent company or its finance arm in exchange for cash and shares under terms of the debt buybacks.

Combined, the moves are expected to reduce the Ford’s interest expenses by more than $500 million this year, as it tries to weather the worst auto sales downturn in 27 years.

Sallie Mae says it will bring 2,000 jobs to U.S.

NEW YORK — Sallie Mae gave some hope to the unemployed Monday, announcing that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas.

The move marks somewhat of a turnaround for the nation’s largest private student lender, which two years ago was faced with slashing costs amid collapsing capital markets and legislative marketing cuts. Sallie Mae quickly scuttled jobs overseas as part of a plan to save about $300 million over a 12-month period.

Associated Press