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A major global refinancing in the summer of 2008 is a feat to consider. GMAC LLC pulled it off, in one of the stingiest credit and capital markets in history. The big mortgage and car financing company that provides auto loans for General Motors needed to ensure adequate access to liquidity for all its businesses, including mortgage subsidiary Residential Capital. Both GMAC and ResCap, as it is known, had various credit facilities set to mature this past July. ResCap had a significant amount of unsecured debt maturing this year, as well. “The plan was to execute initiatives to improve financial flexibility during one of the toughest market cycles by extending maturities at ResCap and modifying existing credit lines at GMAC and ResCap, thereby removing near-term refinancing risk and providing additional sources of funding,” says Sam Ramsey, GMAC chief risk officer.

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