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Ally Financial Repays Remaining $4.5 Billion of Debt Issued Under TLGP
By: PR Newswire
Dec. 19, 2012 11:30 AM
DETROIT, Dec. 19, 2012 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced it has repaid the remaining $4.5 billion in debt issued under the FDIC's Temporary Liquidity Guarantee Program (TLGP), and in doing so, effectively exited the program. The company issued this debt on June 3, 2009, with a maturity date of Dec. 19, 2012.
"Repayment of the remaining debt issued under the TLGP marks an important milestone for Ally as we continue our plans to exit the government support programs utilized during the financial crisis," said Ally Senior Executive Vice President of Finance and Corporate Planning Jeffrey Brown. "Ally has made significant progress this year in reducing risks, gaining momentum in our core automotive services and direct banking franchises, and successfully executing strategic actions that will further strengthen the company going forward."
Ally repaid $2.9 billion of debt guaranteed under the TLGP on Oct. 30, 2012.
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