General Motors 2010 Annual Report Download - page 190

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes the components of automotive long-term debt (dollars in millions):
Successor
December 31, 2010 December 31, 2009
VEBA Notes ................................................................... $ — $2,825
Other long-term debt ............................................................. 3,507 3,461
Total debt ..................................................................... 3,507 6,286
Less current portion of long-term debt ............................................... (493) (724)
Total automotive long-term debt .................................................... $3,014 $5,562
Available under long-term line of credit agreements (a) ................................. $5,474 $ 398
(a) Commitment fees are paid on credit facilities at rates negotiated in each agreement. Amounts paid and expensed for these
commitment fees during the years ended December 31, 2010 and 2009 were insignificant.
Automotive Financing
The following table summarizes the components of GM Financial debt (dollars in millions):
Successor
December 31, 2010
Credit facilities
Medium-term note facility ................................................................... $ 490
Syndicated warehouse facility ................................................................ 278
Bank funding facilities ...................................................................... 64
Total credit facilities ............................................................................ 832
Securitization notes payable ...................................................................... 6,128
Senior notes and convertible senior notes (a) ......................................................... 72
Total GM Financial debt ......................................................................... $7,032
(a) Senior notes and convertible senior notes are included in GM Financial Other liabilities.
Automotive
Secured Revolving Credit Facility
In October 2010 we entered into a five year, $5.0 billion secured revolving credit facility, which includes a letter of credit
sub-facility of up to $500 million. While we do not believe that we will draw on the secured revolving credit facility to fund operating
activities, the facility is expected to provide additional liquidity and financing flexibility. Availability under the secured revolving
credit facility is subject to borrowing base restrictions.
Our obligations under the secured revolving credit facility are guaranteed by certain of our domestic subsidiaries and by
substantially all of our domestic assets, including accounts receivable, inventory, property, plants, and equipment, real estate,
intercompany loans, intellectual property, trademarks and direct investments in Ally Financial. Obligations are also secured by the
equity interests in certain of our direct domestic subsidiaries, as well as up to 65% of the voting equity interests in certain of our direct
foreign subsidiaries, in each case, subject to certain exceptions. The collateral securing the secured revolving credit facility does not
include, among other assets, cash, cash equivalents, marketable securities, as well as our investment in GM Financial, our investment
in New Delphi and our equity interests in our China JVs and in GM Daewoo.
Depending on certain terms and conditions in the secured revolving credit facility, including compliance with the borrowing base
requirements and certain other covenants, we will be able to add one or more pari passu first lien loan facilities. We will also have the
188 General Motors Company 2010 Annual Report