General Motors Co. is preparing to launch a new offering to double its line of credit to $10 billion, a person briefed on the matter told The Detroit News.GM plans to refinance a $5 billion line of credit it secured in October 2010 that it has not tapped.
GM has no need for immediate cash. As of the end of June, GM had $32.6 billion in cash and marketable securities on hand.
The move may help GM secure investment-grade credit status from rating agencies. Ford Motor Co., a smaller company by sales volume, has a $9 billion revolving line of credit and is rated at investment grade by two major rating firms.
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