NEW YORK (LPC) - General Motors Co (GM) will seek to extend maturities on US$6bn in revolving loans rather than refinance a US$16.5bn credit facility following discussions with its bank group during an unprecedented health crisis in the US.
FILE PHOTO: The GM logo is seen at the General Motors Assembly Plant in Ramos Arizpe, state of Coahuila, Mexico October 7, 2019. REUTERS/Daniel Becerril
But GM’s decision to refinance came at a time when the company is facing a longer than expected shutdown of its plants and considerable revenue losses amid a crisis of extraordinary magnitude that has created a playing field much different from when it last underwent refinancing discussions in 2019. The originally proposed refinancing included a US$2bn 364-day loan and a US$4bn three-year loan. It also included a US$10.5bn, five-year facility, said several sources familiar with the original refinancing discussions.
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