General Motors Prices $4.0 Billion of Senior Unsecured Notes

General Motors

General Motors Co. (NYSE: GM) announced today the pricing of three series of senior unsecured notes for a total of $4.0 billion. These notes include $1.0 billion of 5.40 percent notes due in 2023, $2.0 billion of 6.125 percent notes due in 2025 and $1.0 billion of 6.80 percent notes due in 2027. The offering is expected to settle on Tuesday, May 12, 2020. In addition, following the closing of the notes offering, GM expects to enter into a new 364-Day Revolving Credit Agreement, subject to certain closing conditions. We expect the New 364-Day Revolving Facility to be unsecured and to provide available borrowing capacity of approximately 2 billion in U.S. dollars, and we have received commitments from lenders in excess of this amount.

GM intends to use the net proceeds from the sale of the notes for general corporate purposes.

GM has filed a registration statement, including a prospectus and preliminary prospectus supplement, with the SEC for this offering. Prospective investors should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents GM has filed with the SEC for more complete information about GM and this offering. The documents are available for free by visiting EDGAR on the SEC website at sec.gov.

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