GMAC Financial Services Closes $60 Billion US Global Refinancing

On June 4, 2008, a number of direct and indirect subsidiaries of GMAC Financial Services closed a global refinancing valued at approximately US$60 billion. Such refinancing included refinanced debt, new facilities and bond issues, making this one of the largest refinancings ever completed. The refinancing was undertaken in conjunction with GMAC Financial Services obtaining new credit facilities from a syndicate of global lenders. GMAC Residential Funding of Canada, Limited (“GMAC RFoC”), an indirect subsidiary of GMAC Financial Services, transferred significant assets to Residential Funding Company, LLC, also an indirect subsidiary of GMAC Financial Services.

The transferred assets included GMAC RFoC's beneficial interests in a large number of residential mortgages and mortgage-back securities, and its residual interests in securitized mortgage pools sold by RFoC to third party special purpose trusts.

Federico Porto and Michelle McCarthy of GMAC RFoC, along with Marc MacMullin, Bill McCullough, Ormonde Benson, Dan Bornstein, Jim Morand and Jim Warnock of McCarthy Tétrault LLP, represented GMAC RFoC and Residential Funding Company, LLC. Mayer Brown LLP represented the international lending syndicate.