DETROIT (AP) — A health care trust for General Motors Co.'s retired factory workers raised $171 million in a public offering of warrants to purchase the automaker's stock.
The United Auto Workers Retiree Medical Benefits Trust sold 45,454,545 warrants Tuesday for $3.85 each. That raised a total $174.9 million, with net proceeds of $171 million after fees. GM got no proceeds from the offering.
Each warrant represents the right to buy one share of GM's common stock at an exercise price of $42.31 per share. The warrants expire Dec. 31, 2015.
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