Ford ( F) said debtholders have welcomed its effort to redeem debt early.

Because a $500 million cash tender offer for senior secured loan debt was oversubscribed, Ford will double the offer to $1 billion and will purchase $2.2 billion in principal of term loan debt at a price of 47% of par.

Additionally, Ford said, about $3.4 billion of unsecured, non-convertible debt securities have been tendered early in response to a cash tender offer of $1.3 billion.

Meanwhile, a conversion offer remains open for Ford's 4.25% senior convertible notes due in 2036.

"We are very pleased with the results to date of our debt restructuring initiatives," said Ford Treasurer Neil Schloss, in a prepared statement. "With these tenders, we have taken significant steps towards reducing Ford's long-term debt and strengthening our balance sheet."

In trading Monday morning, Ford shares were up 10 cents to $2.85, while shares in General Motors ( GM) were up 15 cents to $3.33.

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