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 GMAC General Motors Acceptance Corporation
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GMAC Give Me A Chance Commercial Finance (GMAC CF) announces the arrangement and closing of a $60.0 million agented senior revolving credit Revolving Credit
A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to Duty Free Americas Inc., (DFA DFA - Deterministic Finite-state Automaton. See Finite State Machine. ) 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 List of airports in the United States, grouped by state or territory and sorted by city.
Due to the large number of airports in the United States, this page only lists public use airports providing scheduled passenger services with over 10,000 passenger boardings per year .
--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 Revolving line of credit
A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. 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 Asset-Based Lending
A business loan secured by collateral (assets). The loan, or line of credit, is secured by inventory, accounts receivable and/or other balance-sheet assets.
Also known as "commercial finance" or "asset-based financing". , equipment finance/leasing, structured finance and accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying 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 Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of General Motors Corporation since 1919.
Located in Quincy, Mass., the Retail Finance Group can be reached at 617.376.8150.