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GM FILES SERIES C PREFERENCE STOCK OFFERING WITH SEC

 GM FILES SERIES C PREFERENCE STOCK OFFERING WITH SEC
 DETROIT, Jan. 27 /PRNewswire/ -- General Motors Corporation


(NYSE: GM) has filed a registration statement with the Securities and Exchange Commission (SEC) relating to a proposed domestic and international public offering of $750 million of depositary shares representing a new class of GM preference stock (the Series C Preference Stock) convertible at a premium at the investors' option into Class E Common Stock which is listed on the New York Stock Exchange under the symbol GME. The Series C Preference Stock's dividend rate to be paid by GM and the number of Class E common shares into which it can be converted, including the conversion premium, will be determined at the time of the offering. As explained in the registration statement, any conversion of the Series C Preference Stock into shares of Class E Common Stock by holders of the depositary shares would not dilute the earnings per share attributable to Class E Common Stock. The dividends paid on Class E stock are based upon the net income of Electronic Data Systems Corporation, GM's wholly owned subsidiary engaged in the provision of information technology services.
 The proposed preference share offering is intended to complement recent actions taken by GM to strengthen its balance sheet. The proceeds will be used by General Motors for general corporate purposes.
 The U.S. portion of the offering will comprise 12,000,000 depositary shares of $50 each and will be managed by Merrill Lynch & Co., The First Boston Corporation, Lehman Brothers and Morgan Stanley & Co. The international portion of the offering will comprise 3,000,000 depositary shares and will be led by Merrill Lynch International Limited, Credit Suisse First Boston Limited, Lehman Brothers Limited and Morgan Stanley International Limited. An option will be granted to the underwriters to purchase up to an additional 2,250,000 depositary shares.
 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
 When available, a copy of the prospectus may be obtained from Merrill Lynch & Co., Prospectus Department, 250 Vesey St., 5th Floor, North Tower, New York, N.Y. 10281; Lehman Brothers Inc., Prospectus Department, 250 West Street (3rd Floor), New York, N.Y. 10013; The First Boston Corporation, c/o Eagle Warehouse, 174 Hudson Street, New York, N.Y. 10013; or Morgan Stanley & Co., Incorporated, Prospectus Department, 25th Floor, 1251 Avenue of the Americas, New York, N.Y. 10020.
 -0- 1/27/92 R
 /CONTACT: William B. Winters, 212-418-6380, or Terrence P. Sullivan, 313-556-2019, both of General Motors/
 (GM) CO: General Motors Corporation ST: Michigan IN: AUT SU: OFR


ML -- DE005 -- 3902 01/27/92 16:18 EST
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Publication:PR Newswire
Date:Jan 27, 1992
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