GMAC gets $11.4 billion revolver

By Sara Rosenberg

New York, June 4 - GMAC Financial Services closed on a new $11.4 billion secured three-year revolving credit facility, according to a news release.

JPMorgan, Citigroup, Bank of America and RBS were the lead banks on the deal.

GMAC also said that it renewed the one-year syndicated commercial paper back-up facility, New Center Asset Trust, in the amount of $10 billion.

In addition, GMAC's subsidiary, Residential Capital LLC, closed on its previously announced $3.5 billion two-year credit facility that was provided by GMAC, which includes $750 million of first loss protection from General Motors Corp. and Cerberus Capital Management LP.

ResCap also extended for one year the maturity on substantially all of its bilateral bank facilities totaling about $11.6 billion, obtained a new $2.5 billion syndicated whole loan repurchase facility, and executed private exchange and cash tender offers for U.S. dollar equivalent $14 billion in notes.

The global refinancing of GMAC and ResCap involved over $60 billion of refinanced debt and new facilities, including both loan facilities and bond issues, and more than 50 institutions participated in the transactions.

GMAC Financial Services is a Detroit-based diversified financial services company. ResCap is a Minneapolis-based real estate finance company focused primarily on the residential market.

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