General Motors gets new $2 billion 364-day revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, May 13 – General Motors Co. entered into a new $2 billion 364-day revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver matures on May 12, 2021.

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.

The remaining joint bookrunners and joint lead arrangers are Barclays Bank plc; Banco Bilbao Vizcaya Argentaria SA, New York Branch; BNP Paribas; Credit Agricole CIB; Deutsche Bank AG New York Branch.; Goldman Sachs Bank USA; Mizuho Bank Ltd.; Bank of America, NA, Morgan Stanley Senior Funding, Inc.; RBC Capital Markets; Societe Generale; Banco Santander, SA, New York Branch, DBS Bank Ltd., MUFG Union Bank, NA; Agricultural Bank of China Ltd., New York Branch; National Westminster Bank plc; Sumitomo Mitsui Banking Corp.; Toronto-Dominion Bank, New York Branch; Truist Bank; Fifth Third Bank, NA; United Overseas Bank Ltd., New York Agency; Intesa Sanpaolo SpA, New York Branch; 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.

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.

Proceeds may be used for general corporate purposes.

General Motors is a Detroit-based automaker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.