General Motors plans to further strengthen its cash position during the coronavirus pandemic through an offering of senior unsecured fixed rate notes, the company announced Thursday.
The target amount for the offering is in the low billions, according to a person familiar with the plans.GM had available liquidity of $33.4 billion to end the first quarter.
General Motors said Monday that it is suspending its quarterly dividend and stock buybacks to preserve cash during the coronavirus pandemic.is taking steps to shore up its balance sheet as the coronavirus keeps plants shuttered and auto sales depressed, the company said Thursday. The company is issuing senior unsecured fixed rate notes with the target amount in the low billions, according to a person familiar with the plans who requested anonymity because details have not been made public.
GM declined to comment on the offering other than saying the proceeds will be used for "general corporate purposes." Deutsche Bank Securities, which is managing the offering, did not immediately respond for comment. Shares of GM were up 2.4% during morning trading to $22.41. The stock is down 39.3% in 2020 as the coronavirus hasPreliminary documents for the bond offering were filed with the SEC on Thursday, a day after the automaker reported
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
GM investors want to know how much more coronavirus pain remainsInvestors want to know what kind of economic hit General Motors Co expects from the coronavirus pandemic as it moves forward, whether it needs to raise further cash and when North American vehicle production will resume when it reports first-quarter results on Wednesday.
Consulte Mais informação »
With factories dark, GM profit slumps 88%; 2Q likely worseThe company essentially has been without revenue since early March, meaning that the second quarter almost certainly will be worse.
Consulte Mais informação »
GM sets May 18 North American restart as profit tops estimatesGeneral Motors Co on Wednesday outlined plans for a May 18 restart of most of its North American plants shut down by the coronavirus pandemic as it reported a stronger than expected quarterly profit, sending its shares up 5.3%.
Consulte Mais informação »
Stocks making the biggest moves in the premarket: GM, CVS, Shopify, Papa John's, Wendy's & moreThe stocks making the biggest moves in premarket trading include GM, CVS, Shopify, Papa John's, Wendy's, and more.
Consulte Mais informação »
GM reports earnings before the bell. Here's what to expectGeneral Motors is set to report its first-quarter earnings before the bell on Wednesday as the company grapples with the fallout from the coronavirus pandemic that's shuttered factories and devastated sales.
Consulte Mais informação »
Plant-Based Meat Business Booming Amid Beef and Poultry ShortagePlant-based meat business is booming as a meat and poultry shortage looms amid coronavirus pandemic.
Consulte Mais informação »