GMAC Financial Services Announces Completion of Global Refinancing

04.06.08 - 18:52 ... source : GMAC Financial Services

... NEW YORK, June 4 /PRNewswire/ -- GMAC Financial Services, and its wholly owned subsidiary, Residential Capital, LLC (ResCap), today announced one of the largest global refinancings ever completed. The companies have executed a comprehensive series of transactions, which include extending key bank facilities, increasing the amount of available funding and further enhancing liquidity positions. Also, ResCap successfully extended unsecured debt maturities, renewed critical funding lines, and gained further liquidity support from GMAC and its shareholders. "I am extremely proud of our team's achievement. Executing a transaction of this magnitude and complexity in such a challenging capital markets environment demonstrates the dedication of our people and the international banking community's confidence in our company," said GMAC Chief Executive Officer Alvaro G. de Molina. "We look forward to building GMA ...» Next (HTML)