General Motors

(GM) - Get General Motors Company (GM) Report

plans to raise $10 billion through the sale of bonds and convertible securities, the company said.

The shares fell 8 cents, or 0.2%, to $38.15 on the Instinet premarket session after the news was released.

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The automaker will use proceeds to fund its pension plan and other retiree benefits. The plans are currently showing a deficit of close to $20 billion.

GM's finance unit also filed to raise an additional $3 billion in debt.