General Motors Inks New $6 Bln, 364-day Revolving Credit Agreement With JPMorgan Chase Bank

(RTTNews) - General Motors Co. (GM) said Wednesday it entered into a new 364-Day Revolving Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders. The facility is unsecured, provides available borrowing capacity of $6.0 billion, and matures on October 1, 2024.

The interest rates on obligations under the Facility are based on prevailing annual interest rates for Term SOFR loans, Daily Simple SOFR loans or an alternative base rate, each subject to an applicable margin.

This applicable margin will be based upon the credit rating assigned to the Facility or to senior, unsecured long-term indebtedness of GM.

The facility also requires that GM maintain at least $4.0 billion in global liquidity and at least $2.0 billion in U.S. liquidity.