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MINNEAPOLIS-Residential Capital Corp., a real estate finance company, said Tuesday that it closed a $3.5 billion syndication of its bank facilities that will help it repay borrowings from General Motors Acceptance Corp. (GMAC), its parent company.
ResCap's syndication consists of a $1.75 billion three-year term loan, an $875 million three-year revolving loan and an $875 million 364-day facility that includes a term loan option. The bank facilities will be used for working capital, general corporate purposes, and to repay money it owes to its parent company.
Louise Herrle, the company's treasurer, said the deal was "another major milestone" for ResCap, especially in that it was completed on time and for more than the anticipated amount of $3 billion.
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