Ally Financial Announces Renewal of $15 Billion in Credit Facilities
DETROIT, March 19, 2012 /PRNewswire/ -- Ally Financial Inc. today announced that it has completed the renewal of $15 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 19 lenders. The secured facilities can be used to fund retail, lease and dealer floorplan automotive assets in the U.S. and Canada.
"The renewal of these facilities are a key part of our diversified funding strategy and supports Ally's growing auto finance business," said Ally's Senior Executive Vice President of Finance and Corporate Planning Jeff Brown. "We continue to drive down our cost of funds as pricing improved from the facilities established in March 2011. The level of interest from lenders in renewing these facilities demonstrates the market's continued confidence in Ally's financial strength."
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 March 2013 and the other half maturing in March 2014. The two credit lines renew the credit facilities that were established by Ally in March 2011.
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 approximately $184 billion in assets as of Dec. 31, 2011, Ally operates as a bank holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @ally.