In August we reported that General Motors was looking to at least double its $5 billion credit line. As of today, it seems that GM has done so, with $11 billion in revolving credit secured. According to the automaker, the new line of credit will replace the $5 billion facility maturing in 2015.
The bigger credit line will give GM backup liquidity and greater financial flexibility for spending on its operations, but it will not happen overnight. Additionally, the new credit facility offers improved pricing and terms, and the ability to borrow in currencies other than U.S. dollars. GM Financial will also be able to borrow under the facility.
With $11 billion, we imagine GM could do a lot for its European operations. The automaker could even start its own space program.