GM obtains $14.5 billion revolver with three-, five-year tranches

By Marisa Wong

Morgantown, W.Va., May 26 – General Motors Co. completed a $14.5 billion revolving credit facility, consisting of a $10.5 billion five-year facility and a $4 billion three-year facility, according to a press release.

The facility amends and extends GM’s existing $12.5 billion revolving credit facility.

“We believe this larger revolver, along with our $20 billion target cash, will provide appropriate liquidity to enable consistent investment in a downturn to generate strong results,” Chuck Stevens, GM executive vice president and chief financial officer, said in the release.

“In addition, we will also have the financial flexibility within the revolver for potential opportunities that may emerge to advance our strategic plan.”

A total of 44 financial institutions from 13 countries participated in the broadly syndicated transaction, the release noted.

The automaker is based in Detroit.

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