Last week, GM announced a new series of senior unsecured notes. Now, it has announced details and pricing for the financial instrument.
The notes will total of $2.1 billion, consisting of:
- $450 million of floating rate notes due in 2021
- $750 million of 5.0 percent notes due in 2028
- $900 million of 5.95 percent notes due in 2049
GM states that it intends to use the net proceeds from the sale of the notes for three primary purposes:
- Refinancing maturing debt
- Pre-funding certain mandatory contributions for its United Kingdom and Canada pension plans due in 2019 through 2021
- Other general corporate purposes
The offering settled on September 10th, 2018.