GM secures $11 billion line of credit
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