GMAC files $7.3 bln notes shelf offering

Newswire

WASHINGTON, Sept 30 (Reuters) - General Motors Acceptance Corp., the financing arm of auto maker General Motors Corp. , filed on Tuesday with the Securities and Exchange Commission to periodically sell up to $7.3 billion in medium-term notes. The company plans to use the net proceeds to buy receivables, make loans or repay existing indebtedness. Initially, GMAC may use the proceeds to reduce short-term borrowings or invest in short-term securities, it said in the shelf registration filing. ...

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