Argentina's GMAC Financiera offering $50 million fixed-rate, $150 million variable-rate notes

By Caroline Salls

Pittsburgh, May 28 - GMAC Compañía Financiera SA is offering up to $50 million of class 1 fixed-rate notes due 2009 and up to $150 million of class 2 variable-rate notes due 2011, both at par, according to a company news release.

The notes, which are being offered under the company's $400 million notes program, are guaranteed by GMAC LLC.

The subscription period will run from May 28 through June 3.

The minimum subscription amount is $300,000. The notes can be purchased in $1,000 increments thereafter.

ABN Amro Bank, NV, Sucursal Argentina, is the placement agent.

Moody's Latin America Calificadora de Riesgo SA has rated the class 1 notes Aa3.ar, and Fitch Argentina Calificadora de Riesgo SA has assigned an A1(arg) rating to the class 1 notes. Moody's has assigned an Aa3.ar rating to the class 3 notes, while Fitch has assigned an AA-(arg) rating to those notes.

The issuer is a Buenos Aires financial institution.

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