DETROIT, March 30, 2011 /PRNewswire/ -- Ally Financial Inc. today announced that it has completed the refinancing of $15 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 21 lenders. The secured facilities can be used to fund retail, lease and dealer floorplan automotive assets in the U.S. and Canada.
"The new facilities are part of our diversified funding strategy and offer additional liquidity to support key areas of the automotive finance business," said Ally Treasurer Jeffrey Brown. "Continued progress in Ally's business performance coupled with favorable market conditions enabled us to refinance these key facilities at more favorable terms compared to prior years."
The $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company, Ally Financial, and one of its Canadian subsidiaries, and the other which is available to Ally Bank. Each new facility will have half the capacity maturing in two years and the other half maturing in 364 days. The two credit lines replace facilities at both Ally Financial and Ally Bank that were due to mature in the second quarter of 2011.
About Ally Financial Inc.
Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers retail banking products. With more than $172 billion in assets as of Dec. 31, 2010, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com.
SOURCE Ally Financial