Residential Capital Corp., Minneapolis, has announced the closing of a $4 billion private offering of senior notes.The debt was issued in three parts: $1 billion of floating-rate notes due 2007; $2.5 billion of 6.375% notes due 2010; and $500 million of 6.875% notes due 2015. ResCap said it plans to use the net proceeds from the offering to repay debt owed to its parent company, General Motors Acceptance Corp., and for general corporate purposes. GMAC recently established ResCap as a holding company and transferred to it the ownership of GMAC Mortgage Corp. and Residential Funding Corp. GMAC said the move would provide added operational and financial flexibility and improve the liquidity of the operations.
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