General Motors completes $11 billion in new credit facilities

By Sara Rosenberg

New York, Nov. 5 - General Motors Co. closed on Monday on $11 billion in revolving credit facilities, according to an 8-K filed with the Securities and Exchange Commission.

The debt consists of a $5.5 billion three-year revolver and a $5.5 billion five-year revolver.

JPMorgan Chase Bank is the administrative agent on the deal.

Proceeds were used to refinance an existing $5 billion credit facility that was set to mature in 2015 and will be used to provide backup liquidity and financial flexibility.

The new facility is expected to be rated investment grade by each of the major credit rating agencies and has better pricing and terms than the prior facility.

General Motors is a Detroit-based automobile company.

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