General Motors offers notes in three parts via three bookrunners

By Devika Patel

Knoxville, Tenn., Sept. 5 – General Motors Co. (Baa3/BBB/BBB-) intends to offer senior notes in three tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will be sold in two fixed-rate tranches, due in 2028 and 2049, and one floating-rate tranche due in 2021.

The floaters are not callable. The 2028 fixed-rate notes have a make-whole call until three months prior to maturity and then a par call. The 2048 fixed-rate notes have a make-whole call until six months prior to maturity and then a par call.

Barclays, Deutsche Bank Securities Inc. and SG Americas Securities LLC are the bookrunners.

Proceeds will be used to repay the company’s $1.5 billion aggregate of 3.5% senior notes due Oct. 2, 2018, to pre-fund certain mandatory contributions for its U.K. and Canada pension plans due in 2019 through 2021 and for other general corporate purposes.

General Motors is a Detroit-based automaker.

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