GMAC Launches $2B New Issue

Posted by Orb Staff on February 11, 2010 No Comments
Categories : Residential Mortgage

GMAC Inc. launched a $2 billion debt offering Tuesday, its first such offering without the U.S. government's backing since 2007, the Wall Street Journal reports.

The issuance pertains to senior unsecured five-year notes, with net proceeds expected to be used to make loans, purchase receivables and for other general corporate purposes, including the possible retirement of indebtedness, the paper says, citing the deal's term sheet.

Barclays, Citigroup, Goldman Sachs and JPMorgan are joint bookrunners for the offering.

Moody's and Standard & Poor's gave the bonds junk ratings, a report from the Financial Times adds.

SOURCES: Wall Street Journal, Financial Times

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