According to a release issued on Wednesday, completion of the GMAC exchange offers will result in the issue of approximately $11.9 billion worth of new GMAC senior guaranteed notes and about $2.6 billion of new GMAC cumulative perpetual preferred stock. Completion of the ResCap offer means that approximately $688 million of new GMAC 7.50% senior notes and about $483 million of new GMAC 8.00% subordinated notes will be issued.

GMAC's newfound status as a bank holding company means improved access to funding, and the company says it plans to act quickly to take advantage of this access. "As a bank holding company, GMAC will be competitively positioned for the long term to provide financing to auto and mortgage consumers and businesses such as automotive dealers," says CEO Alvaro G. de Molina in a statement. "GMAC has been a leader in these sectors and it is critically important to our company and the broader economy to resume responsible lending to consumers and businesses."

The $5-billion Treasury investment, which occurred after the debt exchange offers had closed, took the form of Treasury buying GMAC preferred membership interests and warrants as part of the Troubled Assets Relief Program. Also on Monday, GMAC announced that General Motors Corp. and a Cerberus Capital Management affiliate will buy $1.25 billion of new common equity. GM and the Cerberus affiliate also contributed a $750-million subordinated participation in the $3.5-billion senior secured credit facility between GMAC and ResCap in exchange for new common equity of GMAC.