GM will Schuldtitel über 10 Mrd Dollar ausgeben und Pensionsfonds auffüllen 20.06.2003 13:55 Headlines
NEW YORK (dpa-AFX) - Der weltgrößte Autohersteller General Motors (GM)
will Schuldtitel und Wandelschuldverschreibungen im Wert von
insgesamt rund 10 Milliarden US-Dollar ausgeben und so die Deckungslücken in
seinen US-Pensionsfonds auffüllen.
Der Konzern erwarte, dass mit diesem Schritt die kurzfristige Liquidität auf
mehr als 30 Milliarden Dollar erhöht werde, teilte GM am Freitag in New York
mit. Das Unternehmen gehe derzeit davon aus, dass ein beträchtlicher Teil der
Erlöse im Laufe der Zeit dazu genutzt werden solle, die Pensionsfonds in den USA
und andere Rentenleistungen teilweise zu finanzieren. GM werde bis Ende diesen
Jahres Bargeld in bedeutender Höhe in diese Fonds pumpen.(...)/ari/sit
GM driving $10 billion into pension fund - UPDATE 4 20.06.2003 14:13 Headlines
NEW YORK (AFX) - General Motors said Friday it would offer $10 billion in
debt and convertible securities as the world's largest auto maker makes a major
move to fix its pension plans woes.
The company said its U.S. pension plans were under funded by $19.3 billion at
the end of 2002.
The automaker intends to use "substantially all" of the proceeds to partially
fund its U.S. pension funds and other benefit obligations.
In addition, GM's financial services unit, General Motors Acceptance Corp., is
looking to raise $3 billion.
The stock, a component of the Dow industrials () is edging up 0.1 percent to
$38.10 on pre-market trades on Instinet.
GM is one of many firms struggling with pension plans in the face of a withering
stock market and more recently, diminishing returns on money market funds.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
GM driving $10 billion into pension fund - UPDATE 5 20.06.2003 14:16 Headlines
NEW YORK (AFX) - General Motors said Friday it would offer $10 billion in
debt and convertible securities as the world's largest auto maker makes a major
move to fix its pension plans woes.
The company said its U.S. pension plans were under funded by $19.3 billion at
the end of 2002.
The automaker intends to use "substantially all" of the proceeds to partially
fund its U.S. pension funds and other benefit obligations.
In addition, GM's financial services unit, General Motors Acceptance Corp., is
looking to raise $3 billion.
The stock, a component of the Dow industrials () is edging up 0.1 percent to
$38.10 on pre-market trades on Instinet.
GM is one of many firms struggling with pension plans in the face of a withering
stock market and more recently, diminishing returns on money market funds.
"The general cost of borrowing in U.S. markets is at historic lows and we are
acting quickly to take advantage of the favorable capital markets environment,"
said GM Vice Chairman and Chief Financial Officer John Devine. "One important
purpose of these offerings is that they will allow General Motors to use
cost-efficient, long-term debt to provide near-term funding of some of its
pension and retiree benefit obligations."
GM's offerings are expected to include intermediate- and long-term debt in U.S.
dollars and euros, as well as U.S. dollar debentures that are convertible into
GM $1-2/3 par value common stock.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
