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.

If you liked this article you might like

CEOs Are Dropping Like Flies

North Korea Leader Kim Jong Un Warrants Your Attention, Silly Investor

Domino's Pizza CEO Thinks Self Driving Cars Will Deliver Pizza in 10 Years

Domino's Pizza CEO: In 10 Years,Self-Driving Cars Will Deliver Pizza

Your Guide to Making a Lot of Money on the Driverless Car Boom