GMAC renews about $20 billion of credit facilities

By Sara Rosenberg

New York, June 11 - GMAC LLC and its real estate finance subsidiary, Residential Capital LLC, renewed five syndicated bank facilities totaling about $20 billion, according to an 8-K filed with the Securities and Exchange Commission Monday.

GMAC's unsecured revolving credit facilities total $6 billion and are comprised of a $3 billion 364-day facility and a $3 billion five-year term facility.

A secured facility for the New Center Asset Trust totals $12 billion.

Residential Capital also renewed its $1.8 billion of unsecured revolving credit facilities, which include an $875 million 364-day facility and an $875 million three-year term facility.

GMAC is a Detroit-based diversified financial services company.

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