HispanicBusiness

General Motors Co. today announced 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 $5.0 billion credit facility maturing 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 CFO. "This level of commitment from the global banking community represents a strong vote of confidence in the financial strength of our company."

The facility offers improved pricing and terms, and the ability to borrow in currencies other than U.S. dollars. GM Financial, GM's captive finance company, will also be able to borrow under the facility.

A total of 35 financial institutions from 14 countries participated in the broadly syndicated transaction, underscoring the global scope of GM's operations.

The new facility is expected to be rated investment grade by each of the major credit rating agencies.