General Motors Company $3 Billion Senior Notes Offering

Davis Polk advised the representatives of several underwriters on an SEC-registered offering by General Motors Company of $3 billion in aggregate principal amount of senior notes, consisting of $500 million in aggregate principal amount of floating-rate senior notes due 2020, $750 million in aggregate principal amount of 4.200% senior notes due 2027, $1 billion in aggregate principal amount of 5.150% senior notes due 2038 and $750 million in aggregate principal amount of 5.400% senior notes due 2048. General Motors will use the net proceeds from this offering to repay outstanding indebtedness under its three-year unsecured revolving credit facility, which was incurred to fund payments made to PSA Group in connection with PSA Group’s assumption of certain of its pension liabilities arising from its sale of the Opel/Vauxhall Business to PSA Group, and for general corporate purposes. 

General Motors Company and its subsidiaries and joint venture entities produce and sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. 

The Davis Polk corporate team included partners Richard A. Drucker and Sophia Hudson and associate Dan Gibbons. Counsel Betty Moy Huber and associate Yuko Masunaga provided environmental advice. Partner Frank J. Azzopardi and associate Jesse L. Hallock provided intellectual property and technology advice. Partner Po Sit and associate Gil Savir provided tax advice. Sabrina Singh was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.