The automaker intends to use the net proceeds from the five-year bond offering for general corporate purposes, including the potential repayment of debt.

Ford Motor plans to raise about $2 billion through an offering of five-year convertible notes, the company announced Tuesday.

The automaker intends to use the net proceeds from the sale for general corporate purposes, including the potential repayment of debt. Ford had $24 billion in debt at the end of last year excluding its financial arm.

The notes will be sold via a private offering to qualified institutional buyers and be due in 2026. Ford says the initial aggregate principal amount will be paid back in cash, while any excess amount will be paid in cash, shares of the stock, or a combination of the two.