General Motors Sells First Dollar Bonds Since S&P Rating Upgrade

General Motors said it priced $2.5 billion worth of senior unsecured notes, to settle on November 12th. This is the first time it has issued bonds since rating agency S&P upped its credit rating to investment grade back on September 25th. The company said it will use money from the sale to buy shares of Series A preferred stock. The bonds include $500 million of 4% notes due in 2025, $750 million of 5% of bonds due in 2035 and $1.25 billion of 5.20% notes due in 2045. Shares of General Motors are trading down almost two-thirds of one percent at $30.63 and remain down 25% since the start of the year. TheStreet's Scott Gamm reports from New York.