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RESIDENTIAL CAPITAL CORPORATION ANNOUNCES PRICING OF INAUGURAL EUR 750 MILLION AND GBP 400 MILLION DEBT ISSUANCE
MINNEAPOLIS, MN - May 11, 2006
- Residential Capital Corporation (ResCap) announced today the pricing of a Euro and a Sterling-denominated bond offering, its first debt issuance in the European market. The offering consists of EUR 750 Million of 5.125% notes due in 2012 and GBP 400 Million of 6.375% notes due in 2013.
ResCap expects to close the sale on May 17, 2006, subject to customary closing conditions. ResCap intends to use the proceeds of these offerings to repay international borrowings from General Motors Acceptance Corporation, its parent, and for general corporate purposes.
Payments in respect of the notes will be guaranteed by certain ResCap subsidiaries on a basis, similar to the other registered notes issued by ResCap.
Legal Notice
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities in any jurisdiction in which such offer, solicitation or sale is unlawful. A shelf registration statement was previously declared effective by the Securities and Exchange Commission (SEC) and a prospectus supplement relating to the offering of the notes has been filed with the SEC. The offering of the notes will be made only by means of the prospectus supplement.
This announcement contains forward-looking statements relating to our business and its financing plans. Words such as “intends” or “planning” may be used to identify these forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. There is no assurance that either of the above offerings will be completed or completed as described above. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements.
About Residential Capital Corporation
Residential Capital Corporation is a leading real estate finance company, focused primarily on the residential real estate market in the United States, Canada, Europe and Latin America. Our diversified businesses -- GMAC-RFC, GMAC Mortgage, Ditech.com, GMAC Bank and Homecomings Financial -- cover the spectrum of the U.S. residential finance industry, from origination and servicing of mortgage loans through their securitization in the secondary market. We also provide capital to other originators of mortgage loans, residential real estate developers, resort and timeshare developers and healthcare companies. Residential Capital Corporation is an indirect wholly owned subsidiary of General Motors Acceptance Corporation (GMAC). For more information about our company, visit https://www.rescapholdings.com.
| Real Estate and moving services offered by GMAC Home Services, LLC and GMAC Global Relocation Services, LLC. Residential Capital, LLC is the parent of GMAC Mortgage, LLC and GMAC Home Services, LLC, GMAC Mortgage, GMAC Real Estate, and GMAC Global Relocation Services, LLC. Because of these relationships, any of these referrals may provide Residential Capital, LLC with a financial or other benefit. |
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© 2008 Homecomings Financial, LLC (f/k/a Homecomings Financial Network, Inc.). All rights reserved.
Homecomings and GMAC are registered service marks.
© 2008 Homecomings Financial, LLC (f/k/a Homecomings Financial Network, Inc.). All rights reserved. Homecomings and GMAC are registered service marks.