finance.yahoo.com

GM Creates $4.5 Billion Supply Chain Prepayment Facility Backed by IPUs

General Motors logoGeneral Motors
Sig3.45Sen+2.67Env0.00Soc+0.35Gov+1.64

GM will set up a supply-chain prepayment facility with maximum capacity of $4.5 billion. Procura can draw from a bank syndicate led by JPMorgan and Banco Santander, while GM backs the financing with irrevocable payment undertakings to repay once inventory is consumed. IPUs issued starting Aug. 7 accrue SOFR +1.55% and are carried as assets on GM’s balance sheet.

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