Tab NavigationResCap Announces Final Results for its Cash Tender Offer for up to $750 Million Aggregate Principal Amount of its Debt Securities
MINNEAPOLIS (Dec. 20, 2007) -- Residential Capital, LLC (ResCap) today announced the final results for its cash tender offer for up to $750 million aggregate principal amount of its debt securities listed below (the notes). The tender offer expired at 12:00 midnight EST on Dec. 19, 2007 (the expiration time). The terms and conditions of the tender offer were described in detail in the Offer to Purchase dated Nov. 21, 2007, and the related Letter of Transmittal, as amended. The table below identifies the principal amounts of each series of notes validly tendered and accepted for purchase pursuant to the tender offer. The amounts of each series of notes accepted for purchase were determined based on the aggregate principal amount of each series of notes validly tendered and not validly withdrawn before the expiration time, in accordance with the priorities identified in the "Acceptance Priority Level" column in the table below and subject to the maximum tender offer amount of $750 million. Based on the aggregate principal amount of notes tendered on or before the expiration time and the terms of the tender offer, ResCap will purchase all of the tendered notes. The applicable total consideration for the notes accepted for purchase, plus accrued and unpaid interest, will be paid by ResCap on Dec. 20, 2007.
Principal
Amount
Outstanding Prior
to the
Settlement of
Security CUSIP ISIN the Tender Acceptance
Offer Priority
Number Number (in millions) Level
Floating Rate Notes 76114EAA0 US76114EAA01 $1,250 1
Due June 9, 2008
Floating Rate Notes 76113BAL3 US76113BAL36 $500 2
Due November 21, 20081
6.125% Notes 76113BAK5 US76113BAK52 $750 3
Due November 21, 20081
Subordinated Floating
Rate Notes
Due April 17, 20091 76113BAN9 U76134AD4 $1,000 4
(Rule 144A) (Rule 144A)
USU76134AD49 USU76134AD49
(Regulation S) (Regulation S)
(1) Listed on the Luxembourg Stock Exchange.
Banc of America Securities LLC and Citi were the dealer managers for the tender offer. Global Bondholder Services Corporation was the information agent and depositary. Deutsche Bank Luxembourg S.A. was the Luxembourg tender agent for the tender offer. The tender offer was made only by the Offer to Purchase and the related Letter of Transmittal, as amended, and the information in this news release is qualified by reference to such documents. Persons with questions regarding the tender offer should contact the dealer managers: Banc of America Securities LLC toll-free at (866) 475-9886 or collect at (704) 386-3244 and Citi toll-free at (800) 558-3745 or collect at (212) 723-6106, or the information agent, toll-free at (866) 294-2200. Residential Capital, LLC is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe, Latin America and Australia. ResCap's diversified businesses -- GMAC- RFC, GMAC Mortgage, ditech.com, and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. It also provides capital to other originators of mortgage loans, residential real estate developers and resort and timeshare developers. Residential Capital, LLC is an indirect wholly owned subsidiary of GMAC Financial Services. Contact: |
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