BofA, Citi added as lead GM IPO underwriters-sources

Initial paperwork for the IPO is now expected to be filed with the U.S. Securities and Exchange Commission 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 CEO 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, 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 $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 are not public.

Ten major banks have signed on to the credit facility, committing up to $500 million each, but the individual commitments would be cut as GM adds more banks in other countries and emerging markets as part of its efforts to attract global investors, several of the sources said.

Banks participating in the credit facility are Bank of America, Citi, Barclays Capital , Deutsche Bank , Goldman Sachs Group , JPMorgan Chase, Morgan Stanley, Royal Bank of Canada, UBS and Credit Suisse , the sources said.

Bank of America and Morgan Stanley declined to comment; GM, Barclays, Citi, Deutsche Bank, Goldman Sachs, and JPMorgan, Royal Bank of Canada, UBS and Credit Suisse were not immediately available for comment.

GM's initial prospectus to be filed next week will likely list about 10 banks as underwriters, with more banks added before the IPO prices, one of the sources said. The banks that will be listed as underwriters in the initial filing are likely to be the same banks that have committed to the credit facility, the source added.