General Motors 2011 Annual Report Download - page 47

GENERAL MOTORS COMPANY AND SUBSIDIARIES
Credit Facilities
We use credit facilities as a mechanism to provide additional flexibility in managing our global liquidity. Our primary borrowing
capacity under these credit facilities comes from our $5.0 billion secured revolving credit facility. The balance of our credit facilities
are geographically dispersed across all regions. The following tables summarize our committed and uncommitted credit facilities
(dollars in millions):
Total Credit Facilities
Amounts Available
Under Credit Facilities
Successor Successor
December 31,
2011
December 31,
2010
December 31,
2011
December 31,
2010
Committed ..................................................... $5,338 $6,142 $5,308 $5,475
Uncommitted ................................................... 629 490 559 444
Total .......................................................... $5,967 $6,632 $5,867 $5,919
Total Credit Facilities
Amounts Available
Under Credit Facilities
Successor Successor
December 31,
2011
December 31,
2010
December 31,
2011
December 31,
2010
Secured revolving credit facility .................................... $5,000 $5,000 $5,000 $5,000
Brazil ......................................................... — 466 — 2
GMHongKong(a) .............................................. 200 400 200 370
Other(b) ....................................................... 767 766 667 547
Total .......................................................... $5,967 $6,632 $5,867 $5,919
(a) Includes credit facilities of $200 million at December 31, 2010 which we terminated in July 2011 following the repayment of $30
million which was outstanding under the facility.
(b) Consists of credit facilities available at our foreign subsidiaries that are not individually significant.
Our largest credit facility is our five year, $5.0 billion secured revolving credit facility which includes a letter of credit sub-facility
of up to $500 million. Additionally, we can use collateral under the revolving credit facility to support up to $2.0 billion of other
obligations. We continue to evaluate potential uses for this collateral which may strengthen our overall liquidity position without
impacting our financial leverage. We entered into the secured revolving credit facility agreement in October 2010. While we do not
believe that we will draw on the secured revolving credit facility to fund operating activities, the facility provides 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 secured by a
substantial portion of our domestic assets excluding cash, cash equivalents, marketable securities and GM Financial. If we receive an
investment grade corporate rating from two or more of the credit rating agencies: Fitch Ratings (Fitch), Moody’s Investor Service
(Moody’s) and Standard & Poor’s (S&P), we may no longer have to post collateral under the terms of the facility.
Uncommitted credit facilities include lines of credit which are available to us but under which the lenders have no legal obligation
to provide funding upon our request. We and our subsidiaries use credit facilities to fund working capital needs, product programs,
facilities development and other general corporate purposes.
General Motors Company 2011 Annual Report 45