General Motors closes on new $16.5 billion revolving credit facility

By Sarah Lizee

Olympia, Wash., April 18 – General Motors Co. closed on $16.5 billion unsecured revolving credit facility that amends and extends its existing $14.5 billion revolver, according to a press release.

The renewed facility consists of a $10.5 billion five-year facility, a $4 billion three-year facility and a new $2 billion 364-day facility.

The company allocated the 364-day facility for exclusive use by GM Financial. Total available credit to the automotive segment under the facility remains at $14.5 billion.

A total of 47 financial institutions from 15 countries participated in the broadly syndicated transaction.

General Motors is a Detroit-based automaker.

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