General Motors 2010 Annual Report Download - page 193

GENERAL MOTORS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table summarizes interest expense and interest paid on the Canadian Loan and the EDC Loan Facility (dollars in
millions):
Successor Predecessor
Year Ended
December 31, 2010 (a)
July 10, 2009
Through
December 31, 2009 (a)
January 1, 2009
Through
July 9, 2009 (b)
Interest expense ............................................... $26 $46 $173
Interest paid .................................................. $26 $46 $ 6
(a) Canadian Loan.
(b) EDC Loan Facility.
GM Daewoo Revolving Credit Facility
GM Daewoo’s revolving credit facility was a Korean Won denominated facility secured by substantially all of GM Daewoo’s
property, plants, and equipment. Amounts borrowed under this facility accrued interest based on the Korean Won denominated 91-day
certificate of deposit rate. The facility was used by GM Daewoo for general corporate purposes, including working capital needs.
During 2010 GM Daewoo repaid in full its KRW 1.4 trillion (equivalent of $1.2 billion at the time of payment) revolving credit
facility.
German Revolving Bridge Facility
In May 2009 Old GM entered into a revolving bridge facility with the German government and certain German states (German
Facility) with a total commitment of up to Euro 1.5 billion (equivalent to $2.1 billion when entered into). In November 2009 the debt
was paid in full and extinguished.
The following table summarizes interest expense and interest paid on the German Facility, including amortization of related
discounts (dollars in millions):
Successor Predecessor
July 10, 2009
Through
December 31, 2009
January 1, 2009
Through
July 9, 2009
Interest expense .................................................................... $32 $ 5
Interest paid ....................................................................... $37 $—
Other Long-Term Debt
Successor
December 31, 2010 December 31, 2009
Unsecured debt ................................................................. $1,985 $1,228
Secured debt ................................................................... 868 1,540
Capital leases ................................................................... 654 693
Total other long-term debt (a) ...................................................... $3,507 $3,461
Weighted-average coupon rate ..................................................... 2.7% 5.8%
(a) Net of a $1.9 billion and $1.6 billion discount at December 31, 2010 and 2009.
General Motors Company 2010 Annual Report 191