Jenner & Block

Jenner & Block Represents General Motors in Historic IPO Transaction

Jenner & Block served as lead outside counsel to the newly constituted General Motors Company in its initial public offering (IPO).  On Thursday morning, November 18, 2010, in a landmark event, GM stock returned to trading on the New York Stock Exchange under its traditional “GM” stock symbol.  GM priced its IPO late the day before, with strong investor interest and a great deal of media attention.

The IPO involved concurrent offerings of $15.8 billion of common stock by the U.S. Department of the Treasury, the governments of Canada and Ontario, and a UAW VEBA (Employee Benefit) trust and the issuance by GM of $4.4 billion of a new series of convertible preferred stock.  The New York Times noted that the transaction “set a record for the largest initial public offering in American history.” On November 26, GM announced that underwriters had exercised in full their over-allotment options, bringing the total offering size to $23.1 billion which, according to a Reuters report, makes it the largest IPO in global history.

Joseph P. Gromacki, chair of Jenner & Block’s Corporate Department, along with Partners William L. Tolbert and Brian R. Boch, led the firm’s team that worked tremendously hard for many months with GM, the underwriters, the underwriters’ counsel, and others.  Associates Ian N. Bushner and Jeffrey R. Shuman also played instrumental roles in the matter.  They received substantial support from many attorneys in the Corporate, Tax, Environmental and Real Estate practice areas, including Partners Donald E. Batterson, Geoffrey M. Davis, E. Lynn Grayson, Christian E. Kimball, Tobias L. Knapp, Adam Petravicius, Michael T. Wolf and Elaine Wolff and Associates Anna L. Barreiro, Erik R. Daly, Alexandra E. Dowling, Ilya Fradkin, Gabriel A. Gutierrez, Marc E. Harrison, Derek A. Higginbotham, Mercedes M. Hill, Marc A. Katz, Gregory Knudsen, Alexander J. May, Brian Mikulencak, Katherine Rahill and Jonathan W. Riley.

Many others at the firm were also consulted on issues pertaining to the project and each of them made a valuable contribution to the collective effort.

The firm also recently represented General Motors Holding LLC on another very important transaction for GM - the closing, in late October, of a $5 billion senior secured revolving credit facility, with Citibank, N.A. as administrative agent.  Please click here to read more about the Firm’s work on this matter.

For its work on the GM IPO and other transactions for the company, The American Lawyer magazine named Mr. Gromacki and his team as its “Dealmaker of the Week.”  Please click here to read the full text of the AmLaw profile of Mr. Gromacki.