General Motors Corp. said Wednesday that the syndication of six new credit lines totaling $20.6 billion was oversubscribed by a healthy margin.

A group of 118 domestic and foreign banks committed more than $27 billion, or nearly 35% more than the amount needed.

GM is also renegotiating roughly $4 billion of so-called bilateral lines with certain banks.

As reported, the six syndicated lines replace a collection of existing bilateral credit lines for GM and its finance arm, General Motors Acceptance Corp. Roughly $7 billion of those lines were set to expire this month.

The $20.6 billion of credit lines includes three facilities totaling $18 billion that were syndicated in the United States. The remainder was syndicated abroad.

Chemical Banking Corp. was GM's adviser on the syndication, which was the biggest ever undertaken.

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