General Motors Co. announced the execution of an unsecured $16.5 billion revolving credit facility that amends and extends GM’s existing $14.5 billion revolving credit facility and establishes a new $2.0 billion 364-day facility.

The renewed facility consists of a $10.5 billion five-year facility, a $4.0 billion three-year facility, and a $2.0 billion 364-day facility. GM has allocated the $2.0 billion 364-day facility for exclusive use by GM Financial. Total available credit to the Automotive segment under the facility remains unchanged at $14.5 billion.

A total of 47 financial institutions from 15 countries participated in the broadly syndicated transaction, underscoring the global scope of GM’s operations.

JPMorgan Chase Bank, N.A., served as as administrative agent, and Citibank, N.A., as syndication agent. 

The Facilities are available to GM as well as certain other wholly-owned subsidiaries, including General Motors Financial Company, Inc. The Three-Year Facility allows for borrowing in U.S. Dollars and other currencies and includes a letter of credit sub-facility of $1.1 billion. The Five-Year Facility allows for borrowing in U.S. Dollars and other currencies. The 364-day Facility allows for borrowing in U.S. Dollars only. GM has allocated the 364-day Facility for exclusive use by GM Financial. As a result, the total available credit under the Facilities to GM’s automotive segments remains unchanged at $14.5 billion.

GM has guaranteed the obligations of subsidiary borrowers under the Facilities. If GM fails to maintain an investment grade corporate rating from at least two of the following credit rating agencies: Fitch Ratings, Moody’s Investor Service and Standard & Poor’s, GM will also be required to provide guarantees from certain domestic subsidiaries under the terms of the Facilities.

Interest rates on obligations under the Facilities are based on prevailing annual interest rates for Eurodollar loans or an alternative base rate, both subject to an applicable margin. This applicable margin will be based upon the credit rating assigned to the Facilities or to senior, unsecured, long-term indebtedness of GM.