GMAC

June 21, 2005 10:41 ET

The Retail Finance Group of GMAC Commercial Finance Announces a $46.0 Million Agented Senior Credit Facility to Ross-Simons, Inc. and Its Subsidiaries

QUINCY, Mass.--(CCNMatthews - Jun 21, 2005) -

The Retail Finance Group of GMAC Commercial Finance (GMAC CF) announces the funding of a $46.0 million agented senior credit facility to Ross-Simons, Inc., a multi-channel retailer of jewelry, china and fine giftware. "We are pleased to be able to provide this credit facility to Ross-Simons, a retailer rich in history with roots in New England, and look forward to working with their seasoned management team," said Andrew H. Moser, the group's Senior Managing Director.

Founded in 1952 with one retail store in Providence, Rhode Island, Ross-Simons started its catalog operations in 1981. The Company currently operates 11 full price retail stores and 3 outlet stores in nine states, a fast growing internet site with 600,000 visitors per month coming to their site, and mails more than 60 million catalogs annually both domestically and internationally. Ross-Simons is based in Cranston, Rhode Island.

GMAC CF's Retail Finance Group worked with the Company to structure a more flexible line of credit to meet the Company's multi-channel growing business and to accommodate seasonal borrowing needs with increased liquidity. The new GMAC CF facility includes a senior secured revolver and real estate term loan.

"The alliance formed between Ross-Simons and GMAC Commercial Finance will provide the company the support and flexibility to grow its multi-channel platform, and we look to nurture a long-term relationship" said Robert Pulciani, Chief Financial Officer. Pulciani added, "GMAC Commercial Finance distinguished themselves among others by working with us in unparalleled support and customer service."

As part of the Asset Based Lending Division, GMAC CF's Retail Finance Group is recognized nationally as a leader in delivering creative capital solutions relevant to the ever-changing marketplace. During times of strategic growth, change and opportunity, and throughout today's fast-paced business cycles, the Retail Finance Group is the best choice for retailers and consumer product companies with revenues in excess of $35 million.

GMAC CF, considered a leader in its segment of the financial services market, provides asset-based lending, equipment finance/leasing, structured finance and accounts receivable management services to a wide variety of middle-market clients in diverse industries. Loan facilities are in the $1 million to $200 million range. With locations in the United States, Canada, Hong Kong and the United Kingdom, the Company is positioned to provide lending services worldwide.

Headquartered in Southfield, MI, GMAC CF is part of GMAC Financial Services, a wholly owned subsidiary of General Motors Corporation since 1919.

Located in Quincy, Mass., the Retail Finance Group can be reached at 617.376.8150.

Contact Information

  • GMAC CF
    Patti Bingaman, 248-263-6222
    or
    GMAC CF, Retail Finance Group
    Peter Erwin, 617-376-8144