Weil, Gotshal & Manges LLP

Weil Advises General Motors Company on Largest Unfunded Bank Revolver in History

(November 5, 2012, Weil News)


A Weil team, led by New York partner Daniel Dokos, advised General Motors Company (GM) on its $11 billion revolving credit facilities consisting of a $5.5 billion three-year facility and a $5.5 billion five-year facility. A total of 35 financial institutions from 14 countries, including the United States, United Kingdom, China, Brazil, France, Germany, and Canada, participated in the transaction, underscoring the global scope of GM’s operations.

The new credit facilities replace the $5 billion line the company secured more than two years ago in the run-up to its initial public offering in November 2010 and provide the company with “a significant source of backup liquidity and financial flexibility, further bolstering [its] fortress balance sheet," according to Chief Financial Officer Dan Ammann in GM’s press release.

The New York-based Weil team advising GM was led by Daniel Dokos, head of the firm’s Global Finance practice, and included Banking & Finance associates Justin Lee and Tom Hashagen.

GM’s $11 billion credit line is the largest unfunded revolver in history and the largest financing in the automotive industry this year. It is also the third largest financing on record overall in the automotive industry behind Ford’s $18.5 billion financing from 2006 (which Weil, led by Daniel Dokos, advised the lead arrangers on) and the $17 billion financing Daimler Chrysler obtained in 1999.

The deal also gives GM a credit facility comparable to those of other companies close to its size – Ford Motor Company, the No. 2 US automaker, boosted its credit facility by $400 million to $9.3 billion earlier this year, and Weil, led by New York Banking & Finance partner Andrew Yoon, represented the lead arranger on that transaction.

With more than 125 dedicated partners and associates in our offices worldwide, Weil’s Global Finance practice provides “one-stop shopping” on highly complex financings and true international deal execution and local law advice in many of the world’s key jurisdictions, including New York, London, Paris, Frankfurt, and Hong Kong.
   
Weil, Gotshal & Manges LLP

This website is maintained by Weil, Gotshal & Manges LLP in New York, NY.
Copyright © 2014 Weil, Gotshal & Manges LLP, All Rights Reserved. The contents of this website may contain
attorney advertising under the laws of various states. Prior results do not guarantee a similar outcome.