DETROIT - GMAC Financial Services announced that it has priced an offering for $2.9 billion of senior fixed rate notes guaranteed by the Federal Deposit Insurance Corporation (FDIC) pursuant to the FDIC Temporary Liquidity Guarantee Program (TLGP). The notes are due in October 2012.
This offering further strengthens GMAC's liquidity position, which will support the company's ability to extend credit to consumers and businesses.
With this offering, GMAC has utilized its remaining capacity under the TLGP.
The company received approval to participate in the TLGP in May 2009 for up to $7.4 billion and initially accessed the program with a $4.5 billion offering in June 2009.
The notes and the FDIC guarantee have not been, and are not required to be, registered with the Securities and Exchange Commission (SEC) under the Securities Act of 1933, as amended. The notes are being offered and sold in reliance upon an exemption from registration with the SEC provided in Section
3(a)(2) of the Securities Act.