General Motors Co. has secured a $5 billion credit facility in a step that clears the way for a return to the public markets later this year, two people familiar with the deal said Wednesday.

Banks including Bank of America, Morgan Stanley and JP Morgan committed up to $500 million a piece to the credit line, these people said.

A revolving credit facility, which allows a company to borrow for any reason, would bolster GM's balance sheet and provide a financialcushion should the company's recovery plans hit a snag.

With the backup funding in place, GM is prepared to file registration papers for an initial public offering as soon as Friday, the people familiar with the matter said.

Ten banks are contributing to the credit facility, but there is a chance more could sign on as demand for the loan was high, a person familiar with the deal said. The facility would likely remain at $5 billion, but the individual amounts could drop, this person said.