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General Motors gets restated $2 billion 364-day revolving credit facility
By Wendy Van Sickle
Columbus, Ohio, April 5 – General Motors Co. entered into a fourth amended and restated $2 billion 364-day revolving credit facility on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The revolver matures on April 4, 2023.
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; Banco Bilbao Vizcaya Argentaria SA, New York Branch; BNP Paribas; Commerzbank, AG, New York Branch; Credit Agricole CIB; Deutsche Bank AG New York Branch; Goldman Sachs Bank USA; Bank of America, NA; Mizuho Bank Ltd.; Morgan Stanley Senior Funding, Inc.; RBC Capital Markets; Sumitomo Mitsui Banking Corp.; Societe Generale; Bank of Nova Scotia and Banco Santander, SA, New York Branch.
Lloyds Bank plc is European regional coordinator, and Toronto Dominion Bank, New York Branch is North American regional coordinator.
The interest rate is SOFR 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. The facility also requires that GM maintain at least $4 billion in global liquidity and at least $2 billion in U.S. liquidity.
Proceeds may be used for general corporate purposes.
General Motors is a Detroit-based automaker.
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