GM to repay revolver debt from Opel/Vauxhall sale via new notes

By Sarah Lizee

Olympia, Wash., Aug. 2 – General Motors Co. plans to repay amounts outstanding under a three-year revolver and for general corporate purposes, according to a 424B5 filing with the Securities and Exchange Commission.

As of July 31, there was approximately $3 billion outstanding under the revolver bearing interest at a rate of 4.325% and maturing in May 2019.

Nearly all the borrowings under the revolver were incurred to make payments to PSA Group in connection with PSA Group’s assumption of some of General Motors’ pension liabilities on the July 31 closing of its sale of the Opel/Vauxhall business to PSA.

General Motors is a Detroit-based automaker.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.