Jenner & Block

Firm Represents GM in Securing $5 Billion Revolving Credit Line

Jenner & Block recently represented General Motors Company in negotiating a five-year, $5 billion secured revolving credit facility, including a letter of credit subfacility of up to $500 million, with Citigroup Global Markets, Inc. and Banc of America Securities LLC as joint lead arrangers; Citibank, N.A. as administrative agent; Bank of America, N.A. as the syndication agent; and a syndicate of lenders.  The facility, which GM entered into on October 27, 2010 through a wholly-owned direct subsidiary, General Motors Holdings LLC, is expected to provide additional liquidity and financing flexibility for the automaker. 

This transaction occurred just prior to the company’s initial public stock offering that took place on November 17, 2010.  Jenner & Block also served as lead outside counsel for General Motors on the IPO, which was, at $23.1 billion, the largest IPO in global history. Please click here for more information about the Firm’s work on the IPO. 

Joseph P. Gromacki, Chair of Jenner & Block’s Corporate Practice, along with Partners Peter M. Gaines and Farhad K. Patel, led the Firm’s team representing GM with regard to the credit facility matter, assisted by Partners Elizabeth A. Davidson, Geoffrey M. Davis, Frank Eichenlaub, E. Lynn Grayson, Paul F. Jock II, S. Tony Ling, Donald I. Resnick, Michael S. Terrien, and Michael T. Wolf; Associates Kristen M. Boike, Penelope P. Campbell, Marc E. Harrison, Derek A. Higginbotham, Mercedes M. Hill, Marc A. Katz, Matthew R. Kopp, Alexander J. May, Brian Mikulencak, Melissa A. Resslar, Jonathan W. Riley, and Valery K. Slosman; Senior Paralegal Neil H. Berger; and Paralegal LaTonia R. Warren.