Ally Financial Inc. has completed the renewal of $15 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. and Canada.
The $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company, Ally Financial, and one of its Canadian subsidiaries, and the other which is available to Ally Bank.
Each new facility will have half the capacity maturing in March 2013 and the other half maturing in March 2014. The two credit lines renew the credit facilities that were established by Ally in March 2011.
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