Partners from five offices of Mayer Brown LLP, a leading global law firm, represented GMAC LLC and its wholly owned subsidiary, Residential Capital LLC, in one of the largest global refinancing projects ever completed. The $60 billion refinancing consisted of dozens of interrelated and complex transactions and involved more than 50 institutions worldwide.

"Mayer Brown's team was led by partners in New York, Chicago, Houston, London and Frankfurt and brought together deep experience in securitization, structured credit, term debt, derivatives and repurchase agreements in connection with almost every type of asset owned by GMAC and Residential Capital," said Mayer Brown Chairman James D. Holzhauer. "The scale and complexity of this transaction underlines the depth of resources and breadth of capabilities that the firm is able to harness for its international clients."

Key areas in which the Mayer Brown team advised include:

  • A new, globally syndicated $11.4 billion secured revolving credit facility with two-year and three-year maturities, with several GMAC entities in the United States and Canada  as borrowers;
  • A new $2.5 billion syndicated whole loan repurchase facility for Residential Capital;
  • The provision of a $3.5 billion two-year senior secured credit facility to fund Residential Capital's contemporaneous bond exchange;
  • Sale of the Resort Finance business of Residential Capital to GMAC as part of a series of actions taken to support Residential Capital's near term liquidity;
  • Drafting and negotiations of master documentation used in connection with the extension of the maturity of various bilateral bank facilities; and  
  • Restructuring of over $3 billion of international bilateral credit facilities

The Mayer Brown team included: Chicago partners Mary Fontaine, Brad Keck, John Lawlor, Ger Patrick O'Donnell and Elizabeth Raymond; New York partner Paul Jorissen and counsel David Linley; London partner Rachel Speight;  and Frankfurt partner Ralf Hesdahl.