Official: GM has commenced a public offering

Article by Christian Andrei, on November 4, 2010

General Motors finally announced that it started a public offering! According to the manufacturer, the offering will consist of 365 million shares of common stock to be sold by certain of its stockholdersm but also 60 million shares of its Series B mandatory convertible junior preferred stock with a liquidation amount of $50 per share.

As expected, the price range for the offering of common stock will be $26.00 to $29.00 per share. Apparently, each share of Series B preferred stock will automatically convert on the mandatory conversion date, unless it will be converted earlier at the option of the holder.

The joint book-running managers for the offering will be 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.

Preliminary prospectus copies related to GM’s IPO can be obtained from SEC website at

Still you can obtain a copy of the preliminary prospectus, by contacting these guys: Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone 1-866-718-1649, or by sending email to; J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204.

Topics: gm, ipo, united states

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