DETROIT — General Motors has increased the estimated price range its officering of 365 million shares of common stock. The stock offering price range is now $32 to $33 per share, up from the previously estimated price range of $26 to $29 per share.
The company also announced that it has increased the proposed size of its Series B mandatory convertible junior preferred stock offering from $3 billion to $4 billion, consisting of 80 million shares, excluding the amount that the underwriters have the option to purchase to cover over-allotments, if any.
The final terms of both offerings will be determined at the time of pricing. 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 will be the joint book-running managers for the offering.
