GMAC, ResCap Complete $60B Global Refi

GMAC Financial Services, New York, and its wholly owned subsidiary, Minneapolis-based Residential Capital LLC, have announced a global refinancing totaling more than $60 billion that they termed one of the largest ever completed. In a series of transactions, the companies extended and expanded key bank facilities and ResCap extended the maturities of unsecured debt, renewed "critical funding lines," and boosted its liquidity support from GMAC. The global refinancing included over $60 billion of refinanced debt and new facilities involving the participation of more than 50 institutions from around the world, the companies reported. GMAC provided a $3.5 billion, two-year credit facility to ResCap that includes $750 million of first-loss protection from General Motors Corp. and Cerberus Capital Management LP, which owns a majority interest in GMAC. In addition, the refinancing includes $2.4 billion of actions by GMAC and Cerberus to support ResCap's near-term liquidity. (ResCap said in a recent public filing that it might need $1.4 billion in additional liquidity by June 30 because of "the inability to consummate certain asset sales, due to adverse conditions.") The companies can be found on the Web at http://www.gmacfs.com and http://www.rescapholdings.com.