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GM prices $2.1B senior unsecured notes offering


According to Market Intelligence, December 2022


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GM prices $2.1B senior unsecured notes offering

General Motors Co. on Sept. 5 priced an offering of three series of senior unsecured notes for a total of $2.1 billion, of which about $600 million will be used to pre-fund certain mandatory non-U.S. pension contributions.

The offering includes $450 million of floating rate notes due 2021, $750 million of 5.0% notes due 2028 and $900 million of 5.95% notes due 2049.

Net proceeds will be used to refinance the company's maturing senior unsecured notes issued in 2013 that bear a 3.5% coupon rate, pre-fund contributions for GM's U.K. and Canada pension plans due 2019 through 2021, as well as for other general corporate purposes.

The offering is expected to settle on Sept. 10, the Detroit-based carmaker said.

Barclays Capital Inc., Deutsche Bank Securities Inc. and Société Générale SA's SG Americas Securities LLC acted as the active joint bookrunners for the offering.

The company said in February that it expects mandatory contributions totaling $1.2 billion to its U.K. and Canada pension plans over the next five years, according to an SEC filing.