Summary
General Motors Company (GM) announced on April 16, 2019, the entry into a new $2.0 billion 364-Day Revolving Credit Agreement. This facility, primarily intended for General Motors Financial Company, Inc. (GM Financial), provides additional liquidity and matures on April 14, 2020. The agreement is unsecured and allows for borrowings only in U.S. Dollars. GM has guaranteed the obligations of any subsidiary borrowers under this facility.
Key Highlights
- 1GM entered into a $2.0 billion 364-Day Revolving Credit Agreement, maturing April 14, 2020.
- 2The facility is unsecured and aims to provide additional liquidity.
- 3The credit line is allocated for exclusive use by General Motors Financial Company, Inc.
- 4Borrowings under the facility are restricted to U.S. Dollars.
- 5GM has guaranteed obligations of subsidiary borrowers.
- 6The agreement includes typical covenants such as restrictions on mergers, asset sales, and secured debt, with exceptions.
- 7GM is required to maintain minimum global liquidity of $4.0 billion and U.S. liquidity of $2.0 billion.