General Motors ( GM) 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.

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.

If you liked this article you might like

Spain to Play Netherlands for World Cup

Spain to Play Netherlands for World Cup

Wal-Mart: Analysts' Upgrades, Downgrades

Wal-Mart: Analysts' Upgrades, Downgrades

Netherlands Advances to World Cup Final

Netherlands Advances to World Cup Final

Apple: Analysts' Upgrades, Downgrades

Apple: Analysts' Upgrades, Downgrades

World Markets Mostly Lower Monday

World Markets Mostly Lower Monday