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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
August 2, 2005
(Date of report; date of
earliest event reported)
Commission file number: 1-3754
GENERAL MOTORS ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 38-0572512
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices)
(Zip Code)
(313) 556-5000
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01 Other Events
Residential Capital Corporation (ResCap), an indirect wholly-owned subsidiary of
General Motors Acceptance Corporation (GMAC), announced on August 2, 2005, that
it closed a $3.5 billion syndication of its bank facilities. The facilities are
intended to be used primarily for general corporate and working capital
purposes, as well as to repay GMAC borrowings. The press release follows.
ResCap Closes $3.5 Billion Bank Facilities Syndication
MINNEAPOLIS, August 2, 2005 - Residential Capital Corporation (ResCap) today
announced that it closed a $3.5 billion syndication of its bank facilities on
July 28, 2005. The syndication consists of a $1.75 billion three-year term loan;
an $875 million three-year revolving loan and an $875 million 364-day facility
that includes a term loan option. The bank facilities are intended to be used
primarily for general corporate and working capital purposes, as well as to
repay GMAC borrowings.
"This is another major milestone for ResCap," said Louise M. Herrle, the
company's Treasurer. "Closing this facility for more than the anticipated amount
of $3 billion and completing it on schedule, demonstrates again the strength of
our company in the market. We appreciate the support of our bank group."
These bank facilities rank pari passu with ResCap's senior unsecured bonds. The
terms and conditions of the bank facilities were not disclosed but ResCap
indicated that they are reflective of those in the investment grade bank
syndication market. The facilities include standard representations and
warranties and affirmative and negative covenants, including a minimum tangible
net worth covenant.
The closing of the bank facilities follows ResCap's private placement of $4
billion in senior unsecured bonds on June 24, 2005. The proceeds from the bond
offering and the bank syndication has enabled ResCap to diversify its funding
sources and has allowed it to reduce its GMAC borrowings by $4.4 billion.
Earlier this year, GMAC established ResCap as a holding company and transferred
ownership of GMAC Mortgage Corporation and Residential Funding Corporation to it
in a move to provide additional operational and financial flexibility and to
enhance the liquidity of these operations.
Legal Disclaimers:
The offering of the Notes was not registered under the Securities Act of 1933,
as amended, and the notes may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements. The
information contained in this press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of any
of the Notes in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
state.
This announcement contains forward-looking statements relating to our business
and its financing plans. Words such "intends" or "planning" are 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 the above offering 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 ResCap
Residential Capital Corporation (ResCap) 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, including
GMAC Mortgage and GMAC-RFC, cover the spectrum of the U.S. residential finance
industry, from origination and servicing of mortgage loans through their
securitization on the secondary market. We also provide capital to other
originators of mortgage loans, residential real estate developers, resort and
timeshare developers and healthcare companies. ResCap is an indirect
wholly-owned subsidiary of General Motors Acceptance Corporation (GMAC).
www.rescapholdings.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: August 3, 2005 /s/ SANJIV KHATTRI
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Sanjiv Khattri
Executive Vice President,
Chief Financial Officer and Director
Dated: August 3, 2005 /s/ LINDA K. ZUKAUCKAS
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Linda K. Zukauckas
Vice President and Corporate Controller