GM Sets Terms for Sale of Convertible Debentures,
GM Sets Terms for Sale of Convertible Debentures and Bonds
NEW YORK, June 27 -- General Motors Corp. and General Motors
Acceptance Corp. (NYSE: GM, GMH) today announced final pricing and related
terms for the issuance and sale of debt securities to a global syndicate of
underwriters.
The offerings consist of a total of approximately $13.2 billion in GM
senior notes and convertible debentures and approximately $4.4 billion in
short-term GMAC senior notes and debt. Also, GM's underwriters were granted
an over allotment option for up to $600 million of additional GM convertible
debentures. Details of the offerings are as follows:
General Motors Convertible Debentures:
The offerings include $4.0 billion of GM Series C convertible debentures
with an annual coupon rate of 6.25-percent. The debentures can be converted
into GM $1-2/3 common stock, subject to the terms of the conversion rights as
described in the prospectus supplement. The debentures will have a conversion
premium of 32.5 percent above Thursday's closing price of GM $1-2/3 common
stock, equivalent to a conversion price of $47.62. The convertible debentures
have been authorized to begin trading on the New York Stock Exchange on
Friday, June 27, 2003 under the symbol 'GPM.'
Senior Notes of GM and Affiliates:
$1.0 billion of GM 7.125-percent senior notes due July 15, 2013.
$1.25 billion of GM 8.25-percent senior notes due July 15, 2023.
$3.0 billion of GM 8.375-percent senior notes due July 15, 2033.
Euro 1.0 billion of GM 7.25-percent senior notes due July 3, 2013.
Euro 1.5 billion of GM 8.375-percent senior notes due July 5, 2033.
Sterling 350 million of GM Nova Scotia 8.375-percent senior notes due
December 7, 2015.
Sterling 250 million of GM Nova Scotia 8.875-percent senior notes due July
10, 2023.
Senior Notes of GMAC:
$1.0 billion of GMAC 4.5-percent senior notes due July 15, 2006.
Euro 1.5 billion of GMAC 2-year floating senior notes at euibor plus 175
basis points due July 5, 2005.
Euro 1.5 billion of GMAC 6.0-percent senior notes due July 3, 2008.
The offerings will close in July.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws
of any such state.
Certain of the notes offered by GM and its affiliates will be offered
outside of the United States in transactions not registered under the
Securities Act, which securities may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements. These materials do not constitute an offer with respect to such
notes.
SOURCE General Motors Corporation
-0- 06/27/2003 P
/NOTE TO EDITORS: For additional media information, visit
http://media.gm.com ./
/CONTACT: Toni Simonetti, +1-212-418-6380, or Jerry Dubrowski,
+1-212-418-6261, both of General Motors Corporation/
/Web site: http://media.gm.com
http://www.gm.com /
(GM GMH)
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