GMAC Plans Sale of Government-Backed Bonds - Source
02 Juni 2009 - 7:57PM
Dow Jones News
GMAC LLC, the auto and home lender, is planning to sell new
bonds backed by the U.S. government, according to a person who has
seen the deal.
The bonds, which will mature in December 2012, will be sold
under the Federal Deposit Insurance Corporation's Temporary
Liquidity Guarantee Program, or TLGP, meaning it's backed by the
full faith and credit of the U.S., a second person confirmed.
Banc of America Securities LLC, Barclays, Deutsche Bank and JP
Morgan are underwriters on the sale.
Gina Proia, a GMAC spokeswoman, declined to comment.
-By Kate Haywood and Romy Varghese, Dow Jones Newswires;
201-938-2348; kate.haywood@dowjones.com