Opérations et transactions|30 mars 2011
Ally Financial completes US$15 billion refinancing of credit facilities
Torys acted as counsel to Ally Credit Canada Limited (formerly General Motors Acceptance Corporation of Canada, Limited), with a team that included Jim Hong, Michael Feldman, Simon Williams, Michael Zackheim and Mohammed Muraj (corporate/securities), John Tobin and Andrew Wong (Canadian tax) and John Cameron and Scott Bell (opinions), in connection with Canadian aspects of the transaction.
On March 30, 2011, Ally Financial Inc. completed the refinancing of US$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 United States and Canada.
The US$15 billion funding capacity is comprised of two US$7.5 billion facilities, one of which is available to Ally Financial Inc. and Ally Credit Canada Limited, 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 Inc., Ally Credit Canada Limited and Ally Bank that were due to mature in the second quarter of 2011.
Further information is found on Ally Financial's website.
The US$15 billion funding capacity is comprised of two US$7.5 billion facilities, one of which is available to Ally Financial Inc. and Ally Credit Canada Limited, 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 Inc., Ally Credit Canada Limited and Ally Bank that were due to mature in the second quarter of 2011.
Further information is found on Ally Financial's website.