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GMAC Financial Services closed $60 billion US global refinancing

Date Closed

June 4, 2008

Lead Office

Toronto

Value

60.00 Billion USD

On June 4, 2008, a number of direct and indirect subsidiaries of GMAC Financial Services closed a global refinancing valued at approximately US$60 billion.  Such refinancing included refinanced debt, new facilities and bond issues, making this one of the largest refinancing ever completed. The refinancing was undertaken in conjunction with GMAC Financial Services obtaining new credit facilities from a syndicate of global lenders. GMAC Residential Funding of Canada, Limited (“GMAC RFoC”), an indirect subsidiary of GMAC Financial Services, transferred significant assets to Residential Funding Company, LLC, also an indirect subsidiary of GMAC Financial Services.

The transferred assets included GMAC RFoC's beneficial interests in a large number of residential mortgages and mortgage-back securities, and its residual interests in securitized mortgage pools sold by RFoC to third party special purpose trusts.

McCarthy Tétrault LLP represented GMAC with a team that included Marc MacMullin, Bill McCullough, Ormonde Benson, Dan Bornstein, Jim Morand and Jim Warnock.

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