General Motors readies $10 billion liquidity credit By Michelle Sierra NEW YORK (Reuters) - General Motors Co (GM.N) is readying the launch of $10 billion in revolving credit facilities that will beef up liquidity and refinance existing debt, sources told Thomson Reuters LPC. JP Morgan is leading the deal that will officially tap the market in the next two weeks. Calls to General Motors were not returned by press time. A JP Morgan spokesperson did not return calls. The facilities comprise a $5 billion, five-year revolver and a $5 billion, three-year revolver, sources said. However, the final amounts could change as the discussions are said to be ongoing. The company is currently in active dialogue with top tier lenders. At the top level, the company is asking lenders for commitments of $600 million. A second tier is being asked for commitments of $350 million. Individual commitments will be allocated across both the three-year and the five-year credit facilities. If the company draws down on the facility, pricing is expected to be around 250bp over Libor. The company is offering upfront fees between 30bp and 50bp, depending upon the size of a bank's commitment. The company is also offering a flat fee in addition to the upfront fee. The financing will refinance an existing facility of $5 billion, other debt and provide added liquidity. General Motors - the world's largest automaker by unit sales - entered its existing $5 billion, five-year facility in 2010, returning to the capital markets a year after it emerged from a bankruptcy. The financing was followed by the $18.1 billion privatization IPO. The facility matures in October 2015. Citigroup leads the existing $5 billion deal. Goldman Sachs, JP Morgan, Morgan Stanley, Royal Bank of Canada and UBS are also senior lenders. As of June 30, the company had an additional $918 million of debt. Editing By Jon Methven