GM gets new $6B revolving credit line from JPMorgan, other lenders

In a regulatory filing, General Motors (GM) said that on October 3, the company entered into a new 364-Day Revolving Credit Agreement with JPMorgan Chase Bank, N.A. (JPM), as administrative agent, and other lenders. The Facility is unsecured, provides available borrowing capacity of $6B, and matures on October 1, 2024, the company said. The Facility contains representations, warranties and covenants that are typical for these types of facilities. These covenants include restrictions on mergers or sales of assets, limitations on the incurrence of indebtedness and requirements for subsidiaries to guarantee the obligations, in each case subject to conditions, exceptions and limitations. The Facility also requires that GM maintain at least $4B in global liquidity and at least $2B in U.S. liquidity.