General Motors Company’s $2.25 Billion Green Bond Offering – Global Legal Chronicle – Global Legal Chronicle

King & Spalding advised General Motors, while Davis Polk advised the underwriters in the offering.

General Motors Company (NYSE: GM) completed the offering of $2.25 billion aggregate principal amount of “green bonds,” consisting of $1.0 billion aggregate principal amount of 5.400% senior notes due 2029, and $1.25 billion aggregate principal amount of 5.600% senior notes due 2032. GM expects to allocate the net proceeds from this offering to clean transportation solutions: investments (including equity investments in joint ventures) and expenditures for the design, development or manufacture of clean transportation technology and enabling solutions.

This was GM’s inaugural offering of “green bonds.” The green bonds were issued pursuant to the company’s recently introduced Sustainable Finance Framework.

Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, BBVA Securities Inc., Deutsche Bank Securities Inc., Intesa Sanpaolo S.p.A., Lloyds Securities Inc., Mizuho Securities USA LLC, Santander Investment Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc, Commerz Markets LLC, ICBC Standard Bank Plc, ING Financial Markets LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, Truist Securities, Inc., UniCredit Capital Markets LLC, Wells Fargo Securities, LLC, C.L. King & Associates, Inc., Loop Capital Markets LLC, Mischler Financial Group, Inc., Samuel A. Ramirez & Company, Inc., and Siebert Williams Shank & Co., LLC acted as underwriters for the offering.

General Motors is a global company focused on advancing an all-electric future that is inclusive and accessible to all. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac and Baojun and Wuling brands.

The K&S team advising GM on the offering and the establishment of the Sustainable Finance Framework included Keith Townsend (Picture), Elizabeth Morgan, Adrian Karas, John Morris, and Savannah Padgett. John Sweet advised on tax matters.

The Davis Polk corporate team included partners Joseph A. Hall and Dan Gibbons and associates Prince Kudolo and Anmol Sheth. Partner Po Sit and associate Kelli A. Rivers provided tax advice. Counsel David A. Zilberberg provided environmental advice.

Involved fees earner: Dan Gibbons – Davis Polk & Wardwell; Joseph Hall – Davis Polk & Wardwell; Prince Kudolo – Davis Polk & Wardwell; Kelli Rivers – Davis Polk & Wardwell; Anmol Sheth – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Adrian Mark Karas – King & Spalding; Elizabeth Morgan – King & Spalding; John Morris III – King & Spalding; John Sweet – King & Spalding; Keith Townsend – King & Spalding;