GM increases the amount of its debt it will sell

GM increases the amountof its debt it will sell
NEW YORK -- Buoyed by investor demand, General Motors Corp. raised its planned debt issue to $16.9 billion Wednesday, making it the largest such offering in U.S. history.
The automaker will sell its debt in the form of bonds, notes and convertibles today, as part of an effort to improve its financial flexibility and help fund its lagging U.S. pension plans. At least some of the debt will be issued through GM's finance arm, General Motors Acceptance Corp.
The previous U.S. record for such an offering was set by WorldCom Inc., which sold $11.9 billion in debt in May 2001.
Weirton Steel eyes loan
WEIRTON, W.Va. -- Weirton Steel Corp. plans to seek a $175 million loan under the federal Emergency Steel Loan Guarantee program. The company plans to use the loan to upgrade mill equipment, reduce debt and finance the cost of emerging from bankruptcy.
Associated Press