DETROIT — General Motors announced a new $11 billion
revolving credit facility this morning, an opportunity officials said also can
be tapped by GM Financial.

GM said this facility consists of a $5.5 billion three-year
facility and a $5.5 billion five-year facility. The new facility replaces GM's
existing $5.0 billion credit facility maturing in 2015.

Officials indicated the facility offers improved pricing and
terms, and the ability to borrow in currencies other than U.S. dollars. They
added GM Financial, GM's captive finance company that specializes in subprime
lending, will also be able to borrow under the facility.

"The new revolver provides a significant source of backup
liquidity and financial flexibility, further bolstering our fortress balance
sheet," said Dan Ammann, GM senior vice president and chief financial officer. "This
level of commitment from the global banking community represents a strong vote
of confidence in the financial strength of our company."

A total of 35 financial institutions from 14 countries
participated in the broadly syndicated transaction, underscoring the global
scope of GM's operations.

The automaker added the new facility is expected to be rated
investment grade by each of the major credit rating agencies.