Ally Financial Announces Renewal of $11 Billion in Credit Facilities
DETROIT, March 15, 2013 /PRNewswire/ -- Ally Financial Inc. today announced that it has completed the renewal of $11 billionin 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.
"Supporting continued growth of our leading U.S. auto finance franchise through diversified funding sources remains an important priority at Ally, and renewal of these facilities is a key component of that strategy," said Ally's Corporate TreasurerChris Halmy . "Interest from lenders in renewing these facilities was very healthy and an important demonstration of continued confidence in Ally's financial strength. Moreover, we continue to drive efficiencies and lower cost of funds through improved terms and reduced fees on these renewed facilities.