WASHINGTON – The
U.S. Department of the Treasury today announced that, subject to market
conditions, it intends to sell 30 million additional shares of General Motors
Company (GM) common stock in an underwritten public offering in conjunction
with GM’s inclusion to the S&P 500 index effective as of the close of
trading on June 6, 2013, as previously announced by Standard &
Poor’s. The UAW Retiree Medical Benefits Trust will also
participate in the proposed offering by selling 20 million shares, making the
total offering size 50 million shares.
In December 2012, GM repurchased
200 million shares of GM common stock from Treasury. At that time,
Treasury also announced that it intended to sell its remaining 300 million
shares into the market in an orderly fashion and fully exit its GM investment
within the next 12-15 months, subject to market conditions. Since then,
Treasury has been selling GM shares through its pre-defined written trading
Treasury’s sale of its GM common
stock is part of its continuing efforts to wind down the Troubled Asset Relief
Program (TARP). To date, Treasury has already recovered nearly 95 percent
($398.15 billion) of the funds disbursed through TARP ($419.97 billion).
Excluding the housing programs, Treasury disbursed $411.72 billion for all TARP
investment programs and has now recovered $415.71 billion (including the
proceeds from sales of all Treasury AIG shares). For more details on Treasury’s
lifetime cost estimates for TARP programs, please visit Treasury’s Monthly
105(a) Report to Congress on TARP here.
This linked information does not form part of this press release.
Citigroup Global Markets Inc., J.P.
Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as the joint
book-running managers of the proposed offering.
This press release does not
constitute an offer to sell, or a solicitation of an offer to buy, nor shall
there be any sale of these securities, in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
GM has filed a registration
statement (including a prospectus) with the Securities and Exchange Commission,
or SEC, for the offering to which this communication relates. Before you
invest, you should read the prospectus in that registration statement and the
other documents which GM has filed with the SEC for more complete information
about GM and this offering. You may get these documents for free by visiting
EDGAR on the SEC Web site at www.sec.gov.
Alternatively, copies may be obtained from Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY
11717 (telephone: (800) 831-9146); J.P. Morgan Securities LLC, c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (telephone: (866)
803-9204); or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New
York, NY 10014, Attn: Prospectus Department (telephone: (866) 718-1649, or