GM Reports $12.5B Revolving Credit Facility

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.