The Retail Finance Group of GMAC Commercial Finance Increases Its Credit Facility With SAAN Stores, Ltd.QUINCY, Mass. -- The Retail Finance Group of 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 Commercial Finance (GMAC CF GMAC CF General Motors Acceptance Corporation Commercial Finance ) announced today the amendment of its existing senior credit facility with Canadian retailer SAAN n. pl. 1. (Ethnol.) Same as Bushmen. Stores, Ltd. (SAAN). The amended facility provides for the expansion of SAAN's 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. limit from CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $20 million to CDN $27.5 million. The facility will also allow SAAN to enjoy increased liquidity during the upcoming holiday season and into 2007. "The increase in the commitment from GMAC Commercial Finance demonstrates their confidence and understanding of our business model," said Steven Haasz, SAAN's chief executive officer. "GMAC Commercial Finance and its Retail Finance Group have been more than accommodating as evidenced by the quick turnaround of this amendment." "SAAN is a strong and stable company and we believe this added liquidity will allow them to be more flexible and timely in executing their strategic objectives," said Andrew H. Moser, senior managing director of GMAC CF's Retail Finance Group. About SAAN Stores, Ltd: SAAN is a Canadian owned and operated retailer, proudly serving its communities for more than 50 years. SAAN is dedicated to maintaining this rich heritage and tradition by strengthening its community roots with stores reflecting the total lifestyle needs of its customers. SAAN is committed to exceeding customer expectations by providing consumers with affordably priced, quality products in family apparel, footwear and hardlines. SAAN is headquartered in Toronto, ON. About GMAC CF's Retail Finance Group: As part of the Structured Finance 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 products companies with revenues in excess of $35 million. GMAC CF, a leader in its segment of the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. market, provides structured finance, 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, factoring and supplier early payment services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $10 million to $500 million range. With locations 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, Hong Kong, Poland and the United Kingdom, GMAC CF is positioned to provide lending services worldwide. Learn more online at www.gmaccf.com. Located in Quincy, Mass., GMAC CF's Retail Finance Group can be reached at (617) 376-8150. |
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