ResCap Repays All Inter-Company GMAC Debt Ahead of Schedule.MINNEAPOLIS -- Residential Capital Corporation (ResCap) announced today that it has repaid all domestic and international inter-company borrowings from its parent company, General Motors Acceptance Corporation (GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance ). ResCap has repaid more than $11 billion in GMAC inter-company debt in 11 months, which is more than six months ahead of its stated goal. "We have accomplished one of our major goals well ahead of schedule," stated ResCap's Treasurer, Louise Herrle. "We are pleased by the demand for our bond offerings, as well as the depth and breadth of participation from the investment community." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Herrle, the company's offerings have attracted more than 625 investors. ResCap issued its inaugural debt offering in June 2005 and completed its most recent debt issuance in the European market in mid-May 2006. Earlier this year, International Finance Review magazine named ResCap's June 2005 bond offering as "U.S. Dollar Bond Deal of the Year." Likewise, Euromoney and Credit magazines respectively named the offering "Fixed Income Deal of the Year," and "Investment Grade Bond Deal of the Year." Legal Notice This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. A shelf registration statement was previously declared effective by the Securities and Exchange Commission (SEC) and a prospectus supplement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the offering of the notes has been filed with the SEC. The offering of the notes will be made only by means of the prospectus supplement. This announcement contains forward-looking statements relating to our business and its financing plans. Words such as "intends" or "planning" may be used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. There is no assurance that either of the above offerings will be completed or completed as described above. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. About Residential Capital Corporation Residential Capital Corporation is a leading real estate finance company, focused primarily on the residential real estate market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, Europe and Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . Our diversified businesses -- GMAC-RFC, GMAC Mortgage, Ditech.com, GMAC Bank, GMAC Real Estate GMAC Real Estate is a real estate franchise company in the United States, with 1300 locations in North America, and more than 22,000 real estate agents. The company is a division of GMAC Home Services, part of the larger General Motors Acceptance Corporation, which provides and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. in the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. developers and healthcare companies. Residential Capital Corporation is an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of General Motors Acceptance Corporation (GMAC). For more information about our company, visit https://www.rescapholdings.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion