The timing of General Motors Co.'s filing with the US Securities and Exchange Commission now rests on the board as the paperwork for the initial public offering has already been completed, according to a source who asked to be anonymous because the IPO preparations are private. The source added that the filing will likely be completed today.
GM had to update its S-1document to include a management risk factor after it was revealed that Chief Executive Ed Whitacre would be succeeded by Dan Akerson effective September 1.
Several sources confirmed that this surprising announcement was a factor that delayed GM's IPO filing by several days.
The source added that GM's IPO would be one of the largest ever in history and is estimated to raise between $15 billion to $20 billion.
The underwriters for the stock offering are a group of 10 banks that committed to be the major group of creditors in GM's $5 billion credit line.
Sources say that the banks include the following: Bank of America Merrill Lynch, Barclays Plc, Citigroup Inc, Credit Suisse, Deutsche Bank AG, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS AG and Royal Bank of Canada.
The source said that more banks will be added to the credit line while the amount will be unchanged at $5 billion, lowering banks' individual commitments from $500 million each currently.