Reuters LPC reported, citing sources, that General Motors is readying the launch of $10 billion in revolving credit facilities to improve liquidity and refinance existing debt. Reuters said JP Morgan is leading the deal that will officially tap the market in the next two weeks.
The facilities were said to encompass a $5 billion, five-year revolver and a $5 billion, three-year revolver, according to the sources. Reuters said the company is offering upfront fees between 30bp and 50bp, depending upon the size of a bank’s commitment. GM was also said to be offering a flat fee in addition to the upfront fee.
To read the Reuters LPC story, click here.