GM credit facility complete, IPO filing Friday

Thomson Reuters






NEW YORK, Aug 11 (Reuters) - U.S. automaker General Motors
Co [GM.UL] has finalized its $5 billion credit facility and
plans to file for its initial public offering on Friday,
according to sources familiar with the situation.

The credit facility has a tiered structure, with commitment
levels at $500 million, $300 million, and below. Major U.S.
banks including Bank of America Corp , Citigroup Inc
, Goldman Sachs , JPMorgan and Morgan
Stanley have committed to the credit facility at the
$500 million level, one source said.

The total GM IPO will represent at least one quarter of the
company, the source said, but added that Friday's filing will
be for a nominal amount, below the eventual amount to be
raised.

When GM is ready to begin, it will start by trying to sell
about $10 billion worth of shares and work up from there, the
source said.

GM's debut is likely before Thanksgiving, but the timing
does not hinge on U.S. elections, the source said.

A Dutch auction-style IPO is unlikely, three sources said.

All the sources asked to remain anonymous because they were
not authorized to speak publicly.
(Reporting by Clare Baldwin and Soyoung Kim, editing by Leslie
Gevirtz)