ResCap Closes $3.5B Syndication

Published August 03, 2005, 2:00 p.m. EDT

1 Min Read

Residential Capital Corp., Minneapolis, has announced the closing of a $3.5 billion syndication of its bank facilities.The syndication consists of a $1.75 billion three-year term loan; an $875 million three-year revolving loan; and an $875 million 364-day facility that includes a term loan option. The terms and conditions of the bank facilities were not disclosed. GMAC established ResCap earlier this year as a holding company and transferred to it the ownership of GMAC Mortgage Corp. and Residential Funding Corp.

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