General Motors 2015 Annual Report Download - page 80
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Table of Contents
• $1.75 billion in aggregate principal amount of senior notes issued in October comprising $1.5 billion of 3.1% notes due in January 2019 and $250
million of floating rate notes due in January 2019; and
• $1.0 billion of 3.7% senior notes issued in November and due in November 2020.
In the three months ended September 30, 2015 GM Financial began accepting deposits from retail banking customers in Germany. At December 31, 2015
the outstanding balance of these deposits was $1.3 billion, of which 44% were overnight deposits, and had a weighted-average interest rate of 1.25%.
The terms of advances on revolving credit facilities and other unsecured debt have original maturities of up to five years. The weighted-average interest
rate on credit facilities and other unsecured debt was 8.72% at December 31, 2015.
The following table summarizes interest expense (dollars in millions):
Automotive $ 443
$ 403
$ 334
Automotive Financing - GM Financial 1,616
1,426
715
Total interest expense $ 2,059
$ 1,829
$ 1,049
The following table summarizes contractual maturities including capital leases at December 31, 2015 (dollars in millions):
2016 $ 816
$ 18,793
$ 19,609
2017 514
12,822
13,336
2018 1,621
9,147
10,768
2019 103
4,285
4,388
2020 70
4,427
4,497
Thereafter 6,190
5,050
11,240
$ 9,314
$ 54,524
$ 63,838
________
(a) Secured debt, credit facilities and other unsecured debt are based on expected payoff date. Senior notes principal amounts are based on maturity.
At December 31, 2015 future interest payments on automotive capital lease obligations were $388 million. GM Financial had no capital lease obligations
at December 31, 2015.
Several of our loan facilities, including our revolving credit facilities, require compliance with certain financial and operational covenants as well as
regular reporting to lenders, including providing certain subsidiary financial statements. Some of GM Financial’s secured and unsecured debt agreements
also contain various covenants, including maintaining portfolio performance ratios as well as limits on deferment levels. Failure to meet certain of these
requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to
declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these
agreements or restrict our ability or GM Financial's ability to obtain additional borrowings. No technical defaults or covenant violations existed at December
31, 2015.
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