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General Motors | 8-K: Sixth Amended and Restated 364-Day Revolving Credit Agreement

SEC announcement ·  Mar 28 16:18
Summary by Moomoo AI
On March 28, 2024, General Motors Company (GM) reported the termination of its $3.0 billion 364-Day Delayed Draw Term Loan Credit Agreement with Bank of America, N.A., and other lenders, originally dated November 29, 2023. The agreement, which was set to expire on November 27, 2024, was terminated without any outstanding borrowings or early termination penalties. Concurrently, GM entered into a Sixth Amended and Restated 364-Day Revolving Credit Agreement, referred to as the 'Renewed Facility,' amounting to $2.0 billion and maturing on March 27, 2025. This unsecured facility is allocated for exclusive use by General Motors Financial Company, Inc., a wholly owned subsidiary, with GM guaranteeing the obligations. The Renewed Facility, involving several lenders who also have other financial relationships with GM, includes typical representations, warranties, and covenants, along with liquidity requirements of $4.0 billion globally and $2.0 billion in the U.S.
On March 28, 2024, General Motors Company (GM) reported the termination of its $3.0 billion 364-Day Delayed Draw Term Loan Credit Agreement with Bank of America, N.A., and other lenders, originally dated November 29, 2023. The agreement, which was set to expire on November 27, 2024, was terminated without any outstanding borrowings or early termination penalties. Concurrently, GM entered into a Sixth Amended and Restated 364-Day Revolving Credit Agreement, referred to as the 'Renewed Facility,' amounting to $2.0 billion and maturing on March 27, 2025. This unsecured facility is allocated for exclusive use by General Motors Financial Company, Inc., a wholly owned subsidiary, with GM guaranteeing the obligations. The Renewed Facility, involving several lenders who also have other financial relationships with GM, includes typical representations, warranties, and covenants, along with liquidity requirements of $4.0 billion globally and $2.0 billion in the U.S.
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