General Motors Wooed by Wall Street
General Motors (NYSE: GM) is making headlines left and right on Monday as the company pulls from a bevy of positive news from over the weekend.
For starters, apparently Wall Street is beginning to forget about the automakers financial troubles that resulted in a bailout in 2009. According to the Financial News, a $10 billion revolving credit line will be instated this month by JP Morgan, knocking Citigroup out of the top spot down to co-lead on the credit. This credit line will be larger than that of Ford Motor Company (NYSE: F) and be obtained at a competitive rate.
JP Morgan has a long relationship with General Motors and even served as the lead for the company's 2010 re-IPO. As the automaker becomes less of a risk to take on as a client due to the company's billions of cash on hand and small amount of debt.
General Motors has also announced its plans to add 2,000 jobs in Michigan with an immediate need for 1,500 persons over the next four years at the company's IT center located in Warren, Michigan. Although the additional 500 positions have yet to be announced, GM and Michigan's Governor's office are expected to address the news later on Monday.
General Motors is in the midst of working on an information technology overhaul within the company in order to find more innovative solutions to inter-company technology issues. The company is looking to fill these positions with recent college graduates and GM's VP of Information Technology Employment Randy Mott also believes some of the former employees that left the state previously will return to seek out the new opportunities.
Shares of General Motors closed up 4.73 percent last week and are currently flat in pre-market trading. Year to date, GM is up 22.35 percent as investors gain more confidence ahead of the company's potential raise back to investment grade.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.