GM Announces $14.5 Bln Revolving Credit Facility

(RTTNews) - General Motors Co. (GM) announced the execution of an unsecured $14.5 billion revolving credit facility consisting of a $10.5 billion five-year facility and a $4.0 billion three-year facility. The facility amends and extends GM's existing $12.5 billion revolving credit facility.

The company reaffirmed its capital allocation framework, including targets for cash of $20 billion and available liquidity of $30 to $35 billion needed to withstand a severe economic downturn. In addition, buybacks executed under the company's common stock share repurchase program will continue to be funded with available free-cash-flow.

A total of 44 financial institutions from 13 countries participated in the broadly syndicated transaction, underscoring the global scope of GM's operations.