Bank holding company GMAC Financial Services Wednesday announced that it has priced an offering for $2.9 billion of senior fixed rate notes guaranteed by the Federal Deposit Insurance Corp., or FDIC, pursuant to the FDIC Temporary Liquidity Guarantee Program, or TLGP. The company noted that the notes are due in October 2012.
The company believes that the offering will reinforce its liquidity position, thereby supporting GMAC's ability to extend credit to consumers and businesses.
The offering acted as a pathway for the company to make use of its remaining capacity under the TLGP. The company stated that in May 2009, it got approval to take part in the TLGP for up to $7.4 billion and in June 2009, GMAC initially accessed the program with a $4.5 billion offering.
It is not necessary for the notes and the FDIC guarantee to get registered with the Securities and Exchange Commission, or SEC, under the Securities Act of 1933, as amended and, as such, the same is not registered under SEC. GMAC specified that 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.
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