General Motors Co. said Monday it had more than doubled its current line of credit to $11 billion — a key step toward returning to investment-grade status.
The Detroit automaker said it finalized a new $11 billion revolving credit facility consisting of a $5.5 billion three-year facility and a $5.5 billion five-year facility. The new facility replaces GM's existing $5 billion credit facility that it secured in 2010, which would have matured in 2015.
"The new revolver provides a significant source of backup liquidity and financial flexibility, further bolstering our fortress balance sheet," said Dan Ammann, GM senior vice president and chief financial officer. "This level of commitment from the global banking community represents a strong vote of confidence in the financial strength of our company."
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