UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549-1004
FORM
CURRENT REPORT
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| ITEM 1.01 | Entry into a Material Definitive Agreement |
On July 28, 2022, General Motors Company (the “Company”) entered into an Underwriting Agreement (the “Underwriting Agreement”) with Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, each acting as representative of the several other underwriters named therein (collectively, the “Underwriters”), pursuant to which the Company agreed to sell to the Underwriters, and the Underwriters agreed to purchase from the Company, $2.25 billion aggregate principal amount of the Company’s senior notes, consisting of $1.0 billion aggregate principal amount of 5.400% Senior Notes due 2029 (the “2029 Notes”) and $1.25 billion aggregate principal amount of 5.600% Senior Notes due 2032 (the “2032 Notes” and, together with the 2029 Notes, the “Notes”).
On August 2, 2022, the Company closed the offering of the Notes. The 2029 Notes and the 2032 Notes were each issued as a separate series of debt securities pursuant to the indenture, dated as of September 27, 2013 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a seventh supplemental indenture, dated as of August 2, 2022 (the “Seventh Supplemental Indenture”), between the Company and the Trustee. The Base Indenture, as supplemented by the Seventh Supplemental Indenture (the “Indenture”), governs the terms of the Notes.
The Indenture contains covenants that will limit (i) the ability of the Company and certain of its subsidiaries to incur indebtedness secured by certain principal domestic manufacturing properties or by any shares of stock or indebtedness of certain manufacturing subsidiaries and to enter into certain sale and leaseback transactions with respect to certain principal domestic manufacturing properties and (ii) the ability of the Company to enter into certain mergers or certain conveyances, transfers or leases of all or substantially all of its properties and assets.
The Company intends to allocate an amount equal to the net proceeds from this offering to finance or refinance, in whole or in part, one or more new or existing green projects, assets or activities undertaken or owned by the Company that meet one or more of the eligibility criteria described in the Company’s Sustainable Finance Framework.
The offering and sale of the Notes was made pursuant to the Company’s effective shelf registration statement on Form S-3 (File No. 333-236276) filed with the Securities and Exchange Commission.
The foregoing description of the Underwriting Agreement, Base Indenture and Seventh Supplemental Indenture does not constitute a complete summary of these documents and is qualified by reference in its entirety to the full text of the Underwriting Agreement, Base Indenture and Seventh Supplemental Indenture, which are filed herewith as Exhibit 1.1, Exhibit 4.1 and Exhibit 4.2, respectively, and incorporated herein by reference.
| ITEM 9.01 | Financial Statements and Exhibits |
EXHIBIT
SIGNATURE
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.
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GENERAL MOTORS COMPANY (Registrant) | ||||
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By: | /s/ John S. Kim | ||||
| Date: August 2, 2022 | Name: | John S. Kim | ||||
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Title: | Assistant Corporate Secretary | ||||