GMAC Financial Services Offers $4.5 Billion of Guaranteed Debt
Company participates in FDIC's Temporary Liquidity Guarantee Program
DETROIT, June 3, 2009: GMAC Financial Services today announced that it has priced an offering for $4.5 billion of debt guaranteed by the Federal Deposit Insurance Corporation (FDIC) pursuant to the FDIC Temporary Liquidity Guarantee Program (TLGP). This offering further improves the company's liquidity profile. The securities offering included $3.5 billion aggregate principal amount of senior fixed rate notes and $1.0 billion aggregate principal amount of senior floating rate notes, both due in December 2012.
GMAC intends to leverage its strengthened liquidity position resulting from this transaction to support the extension of credit to consumers and businesses, as well as for other general corporate purposes.
In May 2009, GMAC received approval to participate in the TLGP for up to $7.4 billion. The approval came amid a series of transactions to help improve the capital and liquidity position of the company.