General Motors renews 364-day revolver, cuts 364-day term facility

By William Gullotti

Buffalo, N.Y., March 28 – General Motors Co. entered into a sixth amended and restated 364-day revolver with JPMorgan Chase Bank, NA as administrative agent and terminated its 364-day delayed-draw term loan credit agreement with Bank of America, NA as administrative agent on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The terminated facility, signed Nov. 29, 2023 for a total of $3 billion, was undrawn and did not incur any early termination penalties. It would have matured Nov. 27, 2024.

The renewed 364-day facility is again allocated for exclusive use by finance subsidiary General Motors Financial Co., Inc. and allows for borrowing in dollars only. GM has guaranteed the obligations of subsidiary borrowers under the renewed revolver.

Borrowings will bear interest at SOFR plus an applicable margin based on the credit rating assigned to the facility or the senior long-term debt of General Motors.

The renewed facility contains customary covenants and continues to require that General Motors maintain at least $4 billion of global liquidity and at least $2 billion of U.S. liquidity.

In addition to serving as administrative agent, JPMorgan is also acting as global coordinator, joint lead arranger and joint bookrunner alongside the syndication agent, Citibank, NA.

General Motors is a Detroit-based automobile company.

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