Residential Capital Corp. Concludes Received European Bond Sale and Pays off GMAC Early
May 26, 2006
Residential Capital Corp. has paid back the entire $11 billion it owed parent General Motors Acceptance Corp., which in turn GMAC owes to corporate parent, General Motors. The lender was able to sell a two-part bond (in euros and pounds) in the European bond markets that raised about $1.0 billion, which was the remaining amount needed to satisfy its loan obligations. …