DETROIT, Oct. 17, 2014 /PRNewswire/ -- General Motors Co.
today announced the execution of an unsecured $12.5 billion revolving credit facility
consisting of a $5 billion three-year
facility and a $7.5 billion five-year
facility. The facility amends and extends GM's existing
$11 billion credit facility.
"This credit facility further strengthens our fortress balance
sheet with an appropriate level of liquidity to support the needs
of the business," said Chuck
Stevens, GM executive vice president and chief financial
officer. "The broad support from our global banking partners is
important as we continue to target a capital structure that is
consistent with strong investment grade ratings."
The facility offers improved pricing and terms and the ability
to borrow in currencies other than U.S. dollars. GM
Financial, GM's captive finance company, will also be able to
borrow under the facility.
A total of 40 financial institutions from 14 countries
participated in the broadly syndicated transaction, underscoring
the global scope of GM's operations.
General Motors Co. (NYSE:GM, TSX: GMM) and its partners
produce vehicles in 30 countries, and the company has leadership
positions in the world's largest and fastest-growing automotive
markets. GM, its subsidiaries and joint venture entities sell
vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden,
Jiefang, Opel, Vauxhall and Wuling brands. More information on the
company and its subsidiaries, including OnStar, a global leader in
vehicle safety, security and information services, can be found at
http://www.gm.com.
Forward-Looking Statements
In this press release
and in related comments by our management, our use of the words
"plans," "expect," "anticipate," "possible," "potential," "target,"
"believe," "commit," "intend," "continue," "may," "would," "could,"
"should," "project," "appears," "projected," "positioned,"
"outlook" or similar expressions is intended to identify
forward-looking statements that represent our current judgment
about possible future events. We believe these judgments are
reasonable, but these statements are not guarantees of any events
or financial results, and our actual results may differ materially
due to a variety of important factors. Among other items, such
factors may include: our ability to realize production
efficiencies and to achieve reductions in costs as a result of our
restructuring initiatives and labor modifications; our ability to
maintain quality control over our vehicles and avoid material
vehicle recalls and the cost and effect on our reputation of
product recalls; our ability to maintain adequate financing
sources, including as required to fund our planned significant
investment in new technology; our ability to successfully integrate
Ally Financial's International Operations; the ability of our
suppliers to timely deliver parts, components and systems; our
ability to realize successful vehicle applications of new
technology; overall strength and stability of our markets,
particularly outside of North
America and China; costs
and risks associated with litigation and government investigations
including those related to our recent recalls; our ability to
remain competitive in Korea and our ability to continue to attract
new customers, particularly for our new products. GM's most recent
annual report on Form 10-K and quarterly report on Form 10-Q
provides information about these and other factors, which we may
revise or supplement in future reports to the SEC.
SOURCE General Motors