GM secures $11 billion line of credit

Article Tools
Reprint Reprints image Print
Send a letter Respond Size: larger  smaller
Related Topics
November 5, 2012 - 9:06 am ET

DETROIT (Reuters) -- General Motors Co said it clinched an $11 billion revolving credit facility, further strengthening the largest U.S. automaker's balance sheet.

The new funds replace GM's $5 billion credit facility which matures in 2015. The facility offers better pricing and terms as well as the ability to borrow in currencies other than the U.S. dollar, GM said in a statement today.

"The new revolver provides a significant source of backup liquidity and financial flexibility, further bolstering our fortress balance sheet," Chief Financial Officer Dan Ammann said in the statement.

GM Financial, GM's in-house finance company, can borrow under the facility. Thirty-five banks participated in the transaction, GM said in its statement.

Contact Automotive News

advertising
image Print   Send a letter Respond to Editor   Reprint Reprints        

COMMENTS

Have an opinion about this story?
Click here to submit a Letter to the Editor, and we may publish it in print.

Or submit an online comment below

Readers are solely responsible for the content of the comments they post here. Comments are subject to the site's terms and conditions of use and do not necessarily reflect the opinion or approval of Automotive News. Readers whose comments violate the terms of use may have their comments removed or all of their content blocked from viewing by other users without notification.