Tags: General | Motors | Credit | billion

GM Gets New Credit Lines Totaling $11 Billion

Monday, 05 Nov 2012 11:00 AM

General Motors says it has received $11 billion in credit lines from 35 financial institutions in 14 countries.

The lines of credit include a $5.5 billion, three-year credit facility and another $5.5 billion line for five years.

They replace GM's existing $5 billion credit line that was to expire in 2015.

Chief Financial Officer Dan Ammann said in a statement Monday that GM will use the credit as a source of backup liquidity. The company said last week that it ended the third quarter with $31.6 billion in cash.

GM says the new lines have more favorable terms than the old one, and will allow GM to borrow in different currencies.

GM expects the new lines to get investment grade ratings from the major ratings agencies.

Shares of GM rose 12 cents to $25.91 in morning trading Monday.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Companies
General Motors says it has received $11 billion in credit lines from 35 financial institutions in 14 countries.
General,Motors,Credit,billion
138
2012-00-05
Monday, 05 Nov 2012 11:00 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved