|By PR Newswire||
|March 12, 2014 01:00 PM EDT||
DETROIT, March 12, 2014 /PRNewswire/ -- Ally Financial Inc. today announced that it has completed the renewal of $11.5 billion in 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.
"Ally's diversified funding strategy, including the renewal of these facilities, remains an important component in the continued growth of our leading U.S. auto finance franchise," said Ally's Corporate Treasurer Bradley Brown. "With favorable interest from lenders, these facilities were renewed with improved terms, resulting in lower cost of funds, better funding efficiencies and further advancement of Ally's liability management strategy."
The $11.5 billion funding capacity is comprised of two facilities: an $8 billion facility which is available to the parent company, Ally Financial, and maturing in March 2016; and a second $3.5 billion facility available to Ally Bank which matures in June 2015. The two credit lines renew existing Ally credit facilities.
About Ally Financial Inc.
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $151.2 billion in assets as of Dec. 31, 2013, Ally operates as a financial holding company. For more information, visit the Ally media site at http://media.ally.com or follow Ally on Twitter: @Ally.
SOURCE Ally Financial