Form 8-K · Current report
General Motors 8-K, filed Aug 11, 2026
- Filed
- CIK
- 0001467858
- Accession no.
- 0001193125-26-344698
Summary
General Motors and its subsidiary General Motors LLC entered into a Master IPU Agreement on August 7, 2026 with Procura Auto Parts LLC, under which GM will issue irrevocable payment undertakings to fund a program in which suppliers acquire and hold critical inventory on GM's behalf against supply-chain disruptions, with a maximum aggregate outstanding face amount of $4.5 billion.
Key points
- The program carries a twelve-month availability period starting August 7, 2026, and IPU payments are due no later than August 6, 2029.
- Interest accrues on outstanding IPUs at SOFR plus 1.55% per annum, plus a 0.25% annual ticking fee on the unutilized facility limit.
- The paying agent will obtain funding from a bank syndicate including JPMorgan Chase Bank, N.A. and Banco Santander, S.A.
- GM will account for the program as a product financing arrangement, with prepayments to suppliers recorded as an asset and each IPU recorded as unsecured debt.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 1.01Entry into a Material Definitive Agreement
- 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
- 8.01Other Events
- 9.01Financial Statements and Exhibits
From the filing
Item 1.01. Entry into a Material Definitive Agreement. On August 7, 2026, General Motors Company (the “Company”) and General Motors LLC (the “Coordinator”), a wholly owned subsidiary of the Company, entered into a Master IPU Agreement (the “IPU Agreement”) with Procura Auto Parts LLC (the “Paying Agent”), pursuant to which the Company will issue irrevocable payment undertakings (“IPUs”) to the Paying Agent in exchange for the Paying Agent advancing funds to certain suppliers (“Suppliers”) of the Company in exchange for the Suppliers acquiring and holding inventory on behalf of the Company (the “Program”). …
An excerpt of the text as filed with the SEC, cut for length.
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