General Motors Acceptance Corp has successfully renewed two syndicated bank facilities totalling more than $US21bn.

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Reuters noted that General Motors agreed in April to sell 51% of GMAC to a consortium led by hedge fund Cerberus Capital Management, hoping to return the unit to an investment-grade credit rating.


GMAC, which finances GM’s car sales, saw its borrowing costs surge in the unsecured bond market last year after its ratings were cut to “junk” along with GM’s, the report added.


The renewed credit lines are an important source of potential liquidity for the company, GMAC reportedly said.

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