General Motors renews $1.95 billion 364-day revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 17 – General Motors Co. renewed its $1.95 billion 364-day revolving credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver now matures on April 13, 2021.

The revolver is available to GM and some of its wholly owned subsidiaries, but GM has allocated it for exclusive use by General Motors Financial Co., Inc.

The revolver allows for borrowing in dollars only.

JPMorgan Chase Bank, NA is the administrative agent. JPMorgan and Citigroup Global Markets Inc. are global coordinators, joint lead arrangers and joint bookrunners. Citibank, NA is the syndication agent. Bank of America, NA is a joint bookrunner, joint lead arranger and co-syndication agent. RBC Capital Markets is a joint bookrunner and joint lead arranger. Royal Bank of Canada is a documentation agent.

Lloyds Bank plc is the European regional coordinator and Toronto Dominion Bank, New York Branch is North American regional coordinator. They are also joint bookrunners and joint lead arrangers.

The remaining joint bookrunners and joint lead arrangers are Barclays Bank plc; Banco Bilbao Vizcaya Argentaria SA, New York Branch; BNP Paribas; Commerzbank AG, New York Branch; Credit Agricole CIB; Deutsche Bank Securities Inc.; Goldman Sachs Bank USA; Mizuho Bank Ltd.; Morgan Stanley Senior Funding, Inc.; National Westminster Bank plc; Sumitomo Mitsui Banking Corp.; Societe Generale and Bank of Nova Scotia.

The interest rate is Libor plus a margin that varies based on the company’s credit ratings. The margin was not disclosed in the SEC filing.

GM has guaranteed the obligations of subsidiary borrowers under the revolver.

If GM fails to maintain an investment-grade corporate rating from two or more credit rating agencies, it will be required to cause some of its domestic subsidiaries to guarantee its obligations under the terms of the revolver.

The revolver has covenants that include restrictions on mergers or sales of assets and secured debt borrowings, subject to exceptions and limitations, and GM must maintain at least $4 billion of global liquidity and at least $2 billion of U.S. liquidity.

General Motors is a Detroit-based automaker.

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