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GM Expands Credit Line
General Motors Co. is replacing an existing $11 billion credit line with two facilities that will give the company access to an additional $1.5 billion and enable it to extend about $4 billion of the total to its GM Financial lending arm.
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General Motors Co. is replacing an existing $11 billion credit line with two facilities that will give the company access to an additional $1.5 billion and enable it to extend about $4 billion of the total to its GM Financial lending arm.
The new revolving credit facilities replace a three-year credit line that was to expire next year. The new package consists of a $5 billion, three-year facility and a $7.5 billion five-year facility.
Chief Financial Officer Chuck Stevens says the expanded credit provides an "appropriate level of liquidity" to support the needs of the company.
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