GMAC gets $21.55 billion in credit facilities

By Sara Rosenberg

New York, June 14 - General Motors Acceptance Corp. closed on $21.55 billion in two syndicated credit facilities, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

The debt is comprised of a $3.25 billion revolving credit facility and an $18.3 billion secured new center asset trust facility.

Originally, the revolver was launched with a size of $2.75 billion and the asset trust facility was launched with a size of $17 billion, but both tranches were upsized during syndication.

These facilities provide GMAC backup liquidity.

GMAC is a Detroit-based provider of automotive financing, commercial finance, insurance and mortgage products, banking and real estate services.

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