UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 20, 2006
GENERAL MOTORS CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction of (Commission (I.R.S. Employer
Incorporation or Organization) File Number) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (313) 556-5000
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
{ } Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
{ } Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17-CFR
240.14a-12)
{ } Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
{ } Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER OFF
-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On July 20, 2006, General Motors Corporation executed a $4.63 billion amended
and restated credit agreement with a syndicate of banks (the "Agreement"). The
Agreement provides for both an extended facility of $4.48 billion which will
terminate on July 20, 2011 and for a non-extended facility of $152 million which
expires on June 16, 2008. Only the extended facility, which consists of 97% of
the combined facility, is secured.
The collateral for the secured facility consists of certain North American
accounts receivable and inventory of General Motors Corporation, Saturn
Corporation, and General Motors of Canada, Limited, certain plants, property and
equipment of General Motors of Canada, Limited and a pledge of 65 percent of the
stock of the holding company for the General Motors indirect subsidiary GM de
Mexico. In addition to securing the extended secured facility, the collateral
will also secure certain lines of credit, Auto Clearing House and overdraft
arrangements and letters of credit provided by the extending secured lenders
totaling $1.5 billion. At GM's current secured credit rating, all-in cost of
borrowings from extending lenders will be LIBOR (London InterBank Offered Rate)
plus 225 basis points, while all-in costs of borrowings from non-extending
lenders will be LIBOR plus 160 basis points. In addition, extending lenders
received a consent fee of 40 basis points.
In the event of certain work stoppages, the facility will be temporarily reduced
to $3.5 billion. The Agreement removes any existing uncertainty as to whether
the lenders would be required to honor a borrowing request by General Motors.
The Agreement will be filed with the Form 10-Q for the quarter ended June 30,
2006.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date: July 24, 2006 By: /s/PAUL W. SCHMIDT
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(Paul W. Schmidt, Controller)