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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 16, 2003
(Date of report; date of
earliest event reported)
Commission file number: 1-3754
GENERAL MOTORS ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 38-0572512
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
200 Renaissance Center
P.O. Box 200 Detroit, Michigan
48265-2000
(Address of principal executive offices)
(Zip Code)
(313) 556-5000
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
Effective June 16, 2003, General Motors Acceptance Corporation (GMAC) renewed
its syndicated credit facilities, including the liquidity facility for GMAC's
asset-backed commercial paper conduit, NCAT. These facilities provide GMAC
"back-up" liquidity and represent additional sources of funding. The following
summarizes the modifications to the facilities, which are more fully described
in GMAC's Annual Report on Form 10-K:
364-Day Facility - The facility was increased from $1.543 billion to $4.15
billion, expiring June 14, 2004. The facility continues to include a term loan
option, which, if exercised by GMAC upon expiration, carries a one-year term.
The facility also provides GMAC the discretionary option to transfer up to $2.9
billion of the $4.15 billion total commitment to the NCAT liquidity facility.
The 364-day facility contains a leverage covenant that restricts the ratio of
GMAC's consolidated debt to total stockholder's equity to no greater than 11:1.
In connection with the renewal, the leverage covenant calculation was modified
to exclude from debt those securitization transactions that are accounted for
on-balance sheet.
5-Year Facility - The 5-year facility was decreased from $7.35 billion to $4.35
billion, and extended two years, expiring June 16, 2008. This facility is also
subject to the aforementioned leverage covenant.
NCAT Liquidity Facility - GMAC is the administrator for New Center Asset Trust
(NCAT), a non-consolidated asset-backed commercial paper conduit. The NCAT
liquidity facility was increased from $18.107 billion to $19.25 billion,
expiring June 14, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS ACCEPTANCE CORPORATION
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(Registrant)
Dated: June 19, 2003 /s/ William F. Muir
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William F. Muir
Executive Vice President,
Chief Financial Officer and Director
Dated: June 19, 2003 /s/ Linda K. Zukauckas
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Linda K. Zukauckas
Controller and Principal Accounting Officer