It was a deal made up of several moving parts: GMAC obtained a new, globally syndicated $11.4-billion secured revolving credit facility with a three-year maturity. It also renewed the one-year, $10-billion syndicated commercial paper back-up facility, New Center Asset Trust. GMAC also provided a $3.5 billion two-year credit facility to ResCap and an additional $2.4-billion support of the subsidiary's near term liquidity.
For its part, ResCap extended, for one year, the maturity on all of its bilateral bank facilities totaling approximately $11.6 billion and it obtained a new $2.5-billion syndicated whole loan repurchase facility. ResCap also executed private exchange and cash tender offers to retire the U.S. dollar equivalent of $14 billion of outstanding debt.
Proceeds of the refinancing are expected to provide GMAC and ResCap with capital to executive business strategies, GMAC's Chief Risk Officer Sam Ramsey, says in a prepared statement. More than 50 institutions from around the globe are participating in the refinancing.
The syndicated loan facilities were led by JPMorgan, Citi, Bank of America and Royal Bank of Scotland. The ResCap bond exchange and cash tender offers were led by Bank of America and Citi .
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
