GM Gets $11 Billion Credit Line

General Motors Co. has secured two revolving credit facilities totaling $11 billion from a syndicate of 35 lenders led by Citibank and JPMorgan Chase Bank.

The new credit lines boost GM's available cash and credit to about $43.5 billion, thus giving the company greater financial flexibility. Reuters reported in September that GM was negotiating a $10 billion facility with its banks.

The two credit lines are $5.5 billion each with maturities of three years and five years. They offer better terms and fewer restrictions than the existing $5 billion facility they replace, according to the company.

GM says it does not expect to tap the new five-year credit line. But analysts note that the financing gives the company more latitude point to take such actions as restructuring its European operations or acquiring auto lending operations abroad.