Residential Capital gets $370 million short-term revolver via GMAC

By Sara Rosenberg

New York, June 4 - Residential Capital LLC closed on a new $370 million revolving credit facility due June 30, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

GMAC LLC is the agent on the deal that was completed on June 1.

Pricing on the revolver is the rate on page 3,750 of the Dow Jones Markets screen plus 350 basis points.

Funds may be drawn under the revolver only if cash balances and cash equivalents of the company and its consolidated subsidiaries are less than $800 million or unrestricted and unencumbered balances in U.S. dollars and cash equivalents the company and its consolidated subsidiaries are less than $300 million.

On June 2, the company borrowed $130.6 million under the revolver.

Also, on May 29, the company amended its senior loan facility with GMAC, revising the calculation of the borrowing base.

Residential Capital is a Minneapolis-based real estate finance company.

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