General Motors Co (GM): debt financing — GM enters into $6B 364-day revolving credit facility with JPMorgan as administrative agent

General Motors Co

Facility provides $6.0 billion unsecured borrowing capacity, matures October 1, 2024.
Interest rates based on Term SOFR, Daily Simple SOFR, or base rate plus margin tied to GM's credit rating.
Covenants require GM to maintain at least $4.0B global liquidity and $2.0B U.S. liquidity.
Includes typical restrictions on mergers, asset sales, and indebtedness; lenders include major banks.
Proceeds for general corporate purposes; replaces or supplements existing credit facilities.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

General Motors Co incurred revolving credit of $6.0 billion with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein at Term SOFR loans, Daily Simple SOFR loans or an alternative base rate, each subje maturing October 1, 2024.

Instrument: revolving credit
Principal: $6.0 billion
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein
Rate: Term SOFR loans, Daily Simple SOFR loans or an alternative base rate, each subje
Maturity: October 1, 2024
Event: incurrence

Exact text from the filing

JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein (the “Facility”). The Facility is unsecured, provides available borrowing capacity of $6.0 billion, and matures on October 1, 2024. Interest rates on obligations under the Facility are based on prevailing annual interest rates for Term SOFR loans, Daily Simple SOFR loans or an

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Source: SEC EDGAR

accession 0001193125-23-250325

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