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GM and Chrysler will pay either 5 percent a year or 3 percentage points over the
London
interbank offered rate, whichever is higher, according to the documents. Three-
month Libor, a
borrowing benchmark, was set at 1.5 percent today.
http://www.bloomberg.com/apps/news?
pid=20601087&sid=ai8D_d7M3fJk&refer=home

London Interbank Offered Rate - LIBOR
What Does London Interbank Offered Rate - LIBOR Mean?
An interest rate at which banks can borrow funds, in marketable size, from other
banks in the
London interbank market. The LIBOR is fixed on a daily basis by the British
Bankers'
Association. The LIBOR is derived from a filtered average of the world's most
creditworthy
banks' interbank deposit rates for larger loans with maturities between overnight
and one full
year.
Investopedia explains London Interbank Offered Rate - LIBOR
The LIBOR is the world's most widely used benchmark for short-term interest
rates. It's
important because it is the rate at which the world's most preferred borrowers are
able to
borrow money. It is also the rate upon which rates for less preferred borrowers are
based. For
example, a multinational corporation with a very good credit rating may be able to
borrow
money for one year at LIBOR plus four or five points.

Countries that rely on the LIBOR for a reference rate include the United States,
Canada,
Switzerland and the U.K.
http://www.investopedia.com/terms/l/libor.asp