General Motors Co (GM) has added Bank of America, Merrill Lynch and Citigroup Inc to the slate of its lead underwriters for its initial public offering (IPO), two sources familiar with the situation said on Friday.
The initial paperwork for the IPO is now expected to be lodged with the US Securities and Exchange Commission sometime early next week, several sources familiar with the situation said.
The filing was originally expected on Friday, but was delayed because the company had to update its prospectus with the recent chief executive officer change and a management risk factor, another source familiar with the situation said on Friday.
Bank of America, Merrill Lynch and Citi will join JPMorgan Chase & Co and Morgan Stanley as lead underwriters, the first two sources said.
JPMorgan and Morgan Stanley, who were picked as lead underwriters on the GM IPO earlier this year, helped the automaker prepare the paperwork for the IPO; Bank of America and Citi led the US$5 billion credit facility that GM recently completed in preparation for its IPO, the sources said.
All the sources declined to be named because preparations for the IPO have not yet been made public.
GM’s prospectus will not provide the number of shares to be sold or the pricing range.
It will cite the company’s bankruptcy, steps completed in restructuring, financial projections, details of ownership and a large set of risk factors, sources have said.
GM is now adding a new risk factor regarding the departure of chief executive officer Ed Whitacre and increased uncertainty about the automaker’s long-term leadership, one of the sources said.
Whitacre said on Thursday he would step down and Dan Akerson would take over, effective next month
By filing initial paperwork with the securities commission next week, GM is aiming to complete its IPO between late October and the US Thanksgiving holiday, another source familiar with the matter said.
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