"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.

BMO Harris Bank's Asset-Based Lending group, a leading provider of middle market leveraged finance solutions, announced it was administrative agent for $54 million in senior credit facilities to Sipi Metals Corporation (Sipi).

Sipi Metals Corporation is a leading recycler of precious metals and producer of copper alloy products in Chicago.  Sipi provides an economical and environmentally friendly end of life solution to a broad range of suppliers from electronics, mining, telecom, defense and medical industries, as well as aggregators or precious metal-bearing scrap. 

Diamond Business Credit recently funded an escrow account to a relatively small distributor that had ordered two containers of goods from an overseas supplier who had promised modest credit terms on open account. When the containers cleared US Customs and were sitting at the forwarder's facility, the vendor would not release the goods until he was paid in full. The amount needed was sizeable and well beyond the borrowing base formula. Further, the goods were not even the property of our borrower at that time.

Diamond Business Credit reviewed the company backlog and proposed and structured an escrow agreement which served to protect the interests of all parties. Diamond funded the escrow account. The containers were then delivered to the borrower which triggered the release of the escrow funds which fully satisfied the vendor. Within days of receiving those containers, the backlog was shipped creating receivables sufficient enough to get Diamond Business Credit's borrower back in formula. The customers received their product in time to save the season.  

GemCap funded a $5 million revolver to support the growth of a buy-here/pay-here auto dealership. The dealership has experienced steady growth over the last several years and needed a new facility to support its trajectory.
"This is an important segment of our economy and we're happy to support the continued growth of our client," said David Ellis, co-president.