General Motors Co (GM): debt financing — GM reinstates 2023 guidance with strike impact, announces $10B share repurchase and 33% dividend increase

General Motors Co

Reinstated 2023 EBIT-adjusted guidance of $11.7B-$12.7B, down from prior $12.0B-$14.0B due to $1.1B UAW strike impact.
Announced $10.0B accelerated share repurchase (ASR) program; initial delivery and retirement of $6.8B in common stock.
Plans to increase quarterly common dividend by $0.03 (33%) to $0.12 per share starting in Q1 2024.
Entered new $3.0B 364-day delayed draw term loan credit agreement; terminated existing $6.0B revolving credit facility.
Board authorized increase in share repurchase program to $11.4B total; expects $1.4B remaining capacity after ASR.

item 1.01 item 1.02 item 2.03 item 7.01 item 8.01 item 9.01

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 credit facility of $3 billion with Bank of America at Term SOFR loans, Daily Simple SOFR loans or an alternative base rate, each subje maturing November 27, 2024.

Instrument: credit facility
Principal: $3 billion
Counterparty: Bank of America
Rate: Term SOFR loans, Daily Simple SOFR loans or an alternative base rate, each subje
Maturity: November 27, 2024
Event: incurrence

Exact text from the filing

period that lasts until June 28, 2024. Amounts repaid under the Credit Agreement may not be reborrowed and the aggregate amount of all loans outstanding may not exceed $3 billion. The final maturity date for any loans outstanding under the Credit Agreement is November 27, 2024. Interest rates on obligations under the Credit Agreement are based on

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

General Motors Co terminated October Facility with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein valued at $6.0 billion (effective 2023-11-24).

Action: termination
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein
Value: $6.0 billion
Effective: 2023-11-24

Exact text from the filing

On November 24, 2023, the Company terminated its $6.0 billion 364-Day Revolving Credit Agreement, dated as of October 3, 2023, with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders named therein (the “October Facility”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

General Motors Co entered into ASR Agreements with Bank of America, N.A., Goldman Sachs & Co. LLC, Barclays Bank PLC, and Citibank, N.A. valued at $10.0 billion (effective 2023-11-29).

Action: entry
Agreement: equity purchase
Counterparty: Bank of America, N.A., Goldman Sachs & Co. LLC, Barclays Bank PLC, and Citibank, N.A.
Value: $10.0 billion
Effective: 2023-11-29

Exact text from the filing

On November 29, 2023, General Motors Company (the “Company” or “GM”) entered into a master confirmation (each a “Master Confirmation”) and supplemental confirmation (together with the related Master Confirmation, collectively, the “ASR Agreements”), with each of Bank of America, N.A. (“Bank of America”), Goldman Sachs & Co. LLC (“Goldman Sachs”), Barclays Bank PLC (“Barclays”), and Citibank, N.A. (“Citibank” and, collectively with Bank of America, Goldman Sachs, and Barclays, the “Counterparties”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

General Motors Co entered into Credit Agreement with Bank of America, as administrative agent, and the other lenders named therein valued at $3 billion (effective 2023-11-29).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, as administrative agent, and the other lenders named therein
Value: $3 billion
Effective: 2023-11-29

Exact text from the filing

On November 29, 2023, the Company entered into a 364-Day Delayed Draw Term Loan Credit Agreement (the “Credit Agreement”) with Bank of America, as administrative agent, and the other lenders named therein.

View on SEC.gov

101 debt financings filed in the last 30 days. Browse all debt financings →

General Motors Co filing history →

Source: SEC EDGAR

accession 0001193125-23-284798

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.