General Motors today (16 November) increased the estimated price range for the offering of 365m shares of common stock to be sold by certain of its stockholders to US$32 to US$33 per share from the previously estimated price range of US$26 to US$29 per share.
The company also announced it has increased the proposed size of its Series B mandatory convertible junior preferred stock offering from US$3bn to US$4bn, consisting of 80 million shares, excluding the amount that the underwriters have the option to purchase to cover over-allotments, if any.
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Final terms of both offerings will be determined at the time of pricing.
Morgan Stanley and J.P. Morgan (representatives of the underwriters), BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets will be the joint book-running managers for the offering.
COMMENT: Erased memories and raised expectations for GM
