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The Retail Finance Group of GMAC Commercial Finance Announces a $60.0 Million Agented Senior Revolving Credit Facility to Duty Free Americas, Inc. and Its Subsidiaries.

QUINCY, Mass. -- The Retail Finance Group of GMAC Commercial Finance (GMAC CF) announces the arrangement and closing of a $60.0 million agented senior revolving credit facility to Duty Free Americas Inc., (DFA) one of the largest operators of duty free retail stores in the United States. According to the retail finance group's managing director, Robert J. Shusterman, "We are very pleased to provide this new facility to DFA and contribute to their continued success." "DFA is a world class organization and we are extremely confident in their ability to execute," added Andrew H. Moser, the group's Senior Managing Director.

DFA, which operates 90 stores and kiosks, is a duty free retailer of high-end, brand name merchandise within the primary product categories of liquor, tobacco, fragrance, cosmetics and luxury gifts. DFA sells its product through 3 divisions:

--Airport Division - 31 duty free retail stores and kiosks open to international travelers in 12 international airports in the United States.

--Southern Border Division - 30 duty free retail stores at every significant border crossing on the U.S. / Mexico border. The stores reside in Texas, Arizona and California.

--Northern Border Division - 29 retail stores along the U.S. / Canadian border from Calais, Maine to Blaine, Washington.

"We are very happy to have GMAC CF as the agent for our $60.0 million senior revolving line of credit and we look forward to a long term-relationship," said Timothy P. McCloskey, Chief Financial Officer of DFA.

As part of the Asset Based Lending Division, GMAC CF's Retail Finance Group is recognized nationally as a leader in delivering creative capital solutions relevant to the ever-changing marketplace. During times of strategic growth, change and opportunity, and throughout today's fast-paced business cycles, the Retail Finance Group is the best choice for retailers and consumer product companies with revenues in excess of $35 million.

GMAC CF, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance and accounts receivable management services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $200 million range. With locations in the United States, Canada, Hong Kong and the United Kingdom, the Company is positioned to provide lending services worldwide.

Headquartered in Southfield, MI, GMAC CF is part of GMAC Financial Services, a wholly owned subsidiary of General Motors Corporation since 1919.

Located in Quincy, Mass., the Retail Finance Group can be reached at 617.376.8150.
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Publication:Business Wire
Geographic Code:1USA
Date:May 12, 2005
Words:411
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