General Motors has announced that it is offering new senior unsecured fixed and floating rate notes.
In a statement, GM said that it will use the net proceeds from the sale of the notes for two specific purposes:
- To refinance maturing debut
- Pre-fund certain mandatory contributions for its pension obligations in the United Kingdom and Canada due in 2019 through 2021
The proceeds will also be used for “other generation corporate purposes”, the GM statement read.
GM has filed a registration statement, including a prospectus and preliminary prospectus statement, with the SEC for this offering.
Update: GM has announced the value as well as pricing of the notes.