GMAC gets commitment for $21.4 billion in asset-backed funding facilities

By Sara Rosenberg

New York, Sept. 11 - GMAC LLC has received a commitment from Citigroup for up to $21.4 billion in various asset-backed funding facilities, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The facilities will include commitments to provide funding for U.S. automobile related assets, mortgage assets, and other assets across GMAC and its subsidiaries.

A total of $14.4 billion will become available for immediate funding upon execution of the facilities, with the additional $7 billion becoming available if certain conditions are met.

The facilities will replace an existing $10 billion asset-backed funding facility that was entered into in August 2006.

GMAC is a Detroit-based diversified financial services company.

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