GM Poised to Double Credit Line to $10 Billion

General Motors Co. is close to an agreement with a bank consortium for a credit facility of as much as $10 billion, Reuters reports.

The funding will allow the company to repay some debt, boost liquidity and refinance an existing $5 billion credit line at a lower interest rate. GM has no immediate need for cash. It held $32.6 billion in cash and marketable securities on June 30.

JP Morgan is leading the deal, which includes 10 senior lenders from GM's existing bank group, according to Reuters, which cites unidentified sources. The news service says the final financing could be lined up by mid-October.