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General Motors gets three-, five-year revolvers totaling $12.5 billion
By Angela McDaniels
Tacoma, Wash., Oct. 17 – General Motors Co. executed a $12.5 billion revolving credit facility consisting of a $5 billion three-year facility and a $7.5 billion five-year facility, according to a company news release.
The facility amends and extends the company’s existing $11 billion credit facility.
GM said the facility offers improved pricing and terms and the ability to borrow in currencies other than dollars. General Motors Financial Co., Inc., GM’s captive finance company, will also be able to borrow under the facility.
A total of 40 financial institutions from 14 countries participated in the transaction, according to the news release.
“This credit facility further strengthens our fortress balance sheet with an appropriate level of liquidity to support the needs of the business,” Chuck Stevens, GM executive vice president and chief financial officer, said in the news release.
General Motors is a Detroit-based automaker.
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