Tab NavigationGMAC Announces Consummation of Its Notes Exchange Offers
Consummation of the GMAC offers will result in the issuance of approximately $11.9 billion aggregate principal amount of new GMAC senior guaranteed notes of various series and approximately $2.6 billion aggregate liquidation preference of new GMAC cumulative perpetual preferred stock. The table below shows, for each series of existing GMAC notes, the aggregate principal amount tendered and accepted and the related aggregate principal amount of new senior guaranteed notes that will be issued.
Principal Amount of
Related New Senior
Principal Amount Guaranteed Notes
Series of Old Notes Tendered and Accepted Issued
Euribor + 1.250% Notes due 2009 EUR 309,193,000 USD 323,103,000
4.750% Notes due 2009 EUR 225,680,000 USD 211,885,000
6.500% Notes due 2009 USD 149,677,000 USD 126,982,000
7.750% Notes due 2010 USD 1,181,709,000 USD 778,854,000
5.750% Notes due May 2010 EUR 36,734,000 USD 34,327,000
5.750% Notes due Sept. 2010 EUR 456,475,000 USD 448,949,000
6.625% Notes due 2010 GBP 51,833,000 USD 48,830,000
7.250% Notes due 2011 USD 1,202,931,000 USD 802,159,000
6.000% Notes due Apr. 2011 USD 174,284,000 USD 122,605,000
5.375% Notes due 2011 EUR 594,069,000 USD 570,441,000
6.875% Notes due 2011 USD 4,347,883,000 USD 3,087,771,000
6.000% Notes due Dec. 2011 USD 871,998,000 USD 562,268,000
7.000% Notes due 2012 USD 544,784,000 USD 357,492,000
6.625% Notes due 2012 USD 613,701,000 USD 407,348,000
6.000% Notes due 2012 EUR 136,772,000 USD 129,264,000
6.875% Notes due 2012 USD 1,198,666,000 USD 784,677,000
6.750% Notes due 2014 USD 1,194,091,000 USD 764,653,000
Libor + 2.200% Notes due 2014 USD 471,615,000 USD 294,768,000
8.000% Notes due 2031 USD 3,034,460,000 USD 1,995,021,000
Consummation of the ResCap offer will result in the issuance of approximately $688 million aggregate principal amount of new GMAC 7.50% senior notes due 2013 and approximately $483 million aggregate principal amount of new GMAC 8.00% subordinated notes due 2018. The table below shows for each series of existing ResCap notes the aggregate principal amount tendered and accepted.
Principal Amount
Series of Old Notes Tendered and Accepted
Libor + 3.10% Floating Rate Notes due April 2009 USD 6,225,000
Libor + 3.83% Floating Rate Subordinated Notes
due April 2009 USD 15,000,000
Libor + 3.10% Floating Rate Notes due May 2009 USD 12,940,000
8.500% Senior Secured Guaranteed Notes due 2010 USD 830,511,000
8.375% Notes due 2010 USD 429,211,000
Euribor + 3.45% Floating Rate Notes due 2010 EUR 18,100,000
8.000% Notes due 2011 USD 9,372,000
7.125% Notes due 2012 EUR 12,295,000
8.500% Notes due 2012 USD 15,089,000
8.500% Notes due 2013 USD 401,417,000
8.375% Notes due 2013 GBP 3,965,000
9.875% Notes due 2014 GBP 1,000,000
9.625% Junior Secured Guaranteed Notes due 2015 USD 1,889,828,000
8.875% Notes due 2015 USD 38,728,000
The cash elections for each of the GMAC offers and the ResCap offers were oversubscribed. As a result, each eligible holder who made a cash election in the GMAC offers will have approximately 23.2% of the amount of old notes it tendered accepted for cash, and the balance of old notes each such holder tendered that was not accepted for purchase for cash will be exchanged into new securities, in the amount determined pursuant to the applicable new securities exchange ratios, as if such holder had made a new securities election with respect to such balance of old notes. Furthermore, each eligible holder who made a cash election in the ResCap offers will have approximately 47.8% of the amount of old notes it tendered accepted for cash, and the balance of old notes each such holder tendered that was not accepted for purchase for cash will be exchanged into new securities, in the amount determined pursuant to the applicable new securities exchange ratios, as if such holder had made a new securities election with respect to such balance of old notes. To determine the consideration paid, the principal amounts of old notes denominated in Euros and Sterling have been converted to U.S. dollars at currency exchange rates set on December 24, 2008 of $1.3964/EUR and $1.4673/GBP. About GMAC Financial Services Forward-Looking Statements The words "expect," "anticipate," "initiative," "plan," "intend," "may," "would," "could," "should," "believe," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in or incorporated by reference into this press release, other than statements of historical fact, including, without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially due to numerous important factors that are described in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2007, as updated by our subsequent Quarterly Reports on Form 10-Q, and our Current Reports on Form 8-K. Many of these risks, uncertainties and assumptions are beyond our control, and may cause our actual results and performance to differ materially from our expectations. Factors that could cause our actual results to be materially different from our expectations include, among others, the final settlement amounts and proration factors described above in this press release. Accordingly, you should not place undue reliance on the forward- looking statements contained or incorporated by reference in this press release. These forward-looking statements speak only as of the date on which the statements were made. We undertake no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law. Contacts: Toni Simonetti |
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