Tab NavigationGMAC Secures Renewed Bank Credit Facilities
DETROIT – GMAC today announced it has successfully renewed two syndicated bank facilities totaling more than $21 billion. These committed facilities are an important source of potential liquidity for the company.
The unsecured GMAC Revolving Credit Facility and the secured New Center Asset Trust Facility (NCAT) were initially launched at $2.750 billion and $17 billion respectively. The GMAC Revolving Credit Facility closed at $3.250 billion and NCAT closed at $18.3 billion, significantly in excess of target amounts. The success of these two increased credit facilities follows the April announcement by General Motors Corporation (NYSE: GM) that it had reached an agreement to sell 51 percent of GMAC to an investor consortium led by Cerberus Capital Management. “The renewal of these facilities is important to our liquidity profile and we appreciate the continued confidence expressed by our banking partners for GMAC,” said Sanjiv Khattri, GMAC chief financial officer. “We remain on track for an anticipated fourth quarter closing of the previously announced equity sale, which would bring us another step closer to fulfilling our strategic vision of becoming a premier global financial services company.” At the end of the first quarter 2006, GMAC had $152.3 billion of total liquidity facilities, of which $105.7 billion were unused. GMAC and its subsidiaries, operating under the umbrella GMAC Financial Services, provide automotive financing, commercial finance, insurance and mortgage products, banking, and real estate services, and have a presence in more than 40 nations. GMAC has extended more than $1.4 trillion in credit to finance more than 162 million vehicles. Contacts: Joanne Krell |
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