| GM's $4.1 billion line of credit a strike and sales hedge, analyst ...
Detroit - General Motors Corp. has put up a 49 percent stake in its former financial arm as collateral for a $4.1 billion revolving line of credit, the company said Wednesday. It also announced plans to replace $1.1 billion in convertible securities with new unsecured convertible notes that mature June 1, 2009. The new notes have a later maturity date than the old ones, giving the company more liquidity, said spokeswoman Melisa Tezanos. Both moves are part of the normal course of business under GM's restructuring plan, she said. But David Healy, an analyst with Burnham Securities who owns some GM shares, said the credit line is likely a hedge against what could be a declining U.S. automotive market and a possible strike later this year, when the three major U.S. automakers begin negotiating new contracts with the United Auto Workers.
IsoTis Closes on $20 Million Credit Facility With Merrill Lynch ...
IsoTis, Inc. (NASDAQ: ISOT), the orthobiologics company, today announced it has secured a $20 Million credit facility with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., and Silicon Valley Bank. IRVINE, California, May 30 /PRNewswire/ -- IsoTis, Inc. (NASDAQ: ISOT), the orthobiologics company, today announced it has secured a $20 Million credit facility with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc., and Silicon Valley Bank. The three-year $20 million credit facility has two components: a $10 million term loan and a $10 million revolving line of credit. This credit facility expands on and replaces the $5 million credit facility IsoTis closed on in June 2006 with Silicon Valley Bank. The $10 million term loan will be repaid in equal monthly installments over 30 months, beginning on January 1, 2008.
GM secures $4.1B credit line
General Motors Corp. has put up a 49 percent stake in its former financial arm as collateral for a $4.1 billion revolving line of credit, the company said Wednesday. It also announced plans to replace $1.1 billion in convertible securities with new unsecured convertible notes that mature June 1, 2009. The new notes have a later maturity date than the old ones, giving the company more liquidity, said spokeswoman Melisa Tezanos. Both moves are part of the normal course of business under GM's restructuring plan, she said. But David Healy, an analyst with Burnham Securities who owns some GM shares, said the credit line is likely a hedge against what could be a declining U.S. automotive market and a possible strike later this year, when the three major U.S.
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