DETROIT -

More positive news following General Motors’ highly successful initial public offering came out this week as the company announced a plan for full debt repayment by one of its subsidiaries.

Officials revealed that GM Daewoo Auto & Technology will fully repay its Korean revolving credit facility this month. They indicated the facility had a drawn balance of $1 billion as of Sept. 30

“Following our successful IPO, we will continue to take opportunities to strengthen our balance sheet” stated GM chief financial officer Chris Liddell. “Our objective remains to have minimal debt and a fully funded pension plan.”

Earlier this week, the underwriters in GM’s IPO chose to fully exercise their over-allotment options. This means the automaker’s IPO has now likely become one of the biggest in the world, bringing in more than $23 billion.

The underwriters are purchasing 71.7 million shares of GM common stock and another 13 million shares of mandatory convertible junior preferred stock for $2.37 billion and $650 million, respectively.

With the over-allotment being exercised, the IPO now totals $23.1 billion. In regard to the additional shares, their closing is anticipated to occur Thursday.

For more coverage of GM’s IPO, check out the additional content from Auto Remarketing:

GM IPO Grows to $23.1B

GM’s IPO Proceeds Help U.S. Treasury Reach TARP Repayment Milestone