Dec. 29 (Bloomberg) -- GMAC LLC, the financing arm of General Motors Corp., is still tabulating the results of its debt exchange with bondholders, a company spokeswoman said.

The auto lender needed investors holding 75 percent of its $38 billion in bonds to exchange the notes and complete the transaction. The offer expired on Dec. 26.

“Once the results are finalized, we will disclose that information,” Gina Proia, a spokeswoman for Detroit-based GMAC, said in a telephone interview today.

GMAC, which is also the parent of mortgage lender Residential Capital LLC, won Federal Reserve approval to become a bank holding company on Dec. 24, enabling it to tap U.S. financial industry bailout programs and help keep General Motors in business.

The finance company’s request was approved even though it didn’t satisfy the capital requirements laid out when it applied to become a bank in November. As of Dec. 17, holders of 58 percent of eligible notes had tendered as part of the exchange.

“With the primary regulator on board, the capital-raise machinations seem almost a moot point,” Richard Hofmann, a CreditSights Inc. analyst, wrote in a report last week.

Investors that refused to tender their holdings by Dec. 17 include Pacific Investment Management Co., which manages the world’s biggest bond fund. Mark Porterfield, a spokesman for Pimco in Newport Beach, California, didn’t return calls for comment.

‘Unusual, Exigent’

The Fed exercised emergency powers to grant GMAC’s request because of the “unusual and exigent circumstances affecting the financial markets,” according to a statement from the central bank on Dec. 24. The Fed order said the plan “would benefit the public by strengthening GMAC’s ability to fund the purchases of vehicles manufactured by GM.” GMAC is the primary lender for GM-vehicle buyers.

General Motors earlier this month received a government bailout that included $9.4 billion in U.S. loans to help it avoid running out of cash.

GM owned all of GMAC until it sold a 51 percent stake in 2006 to a group led by Cerberus Capital Management, the New York-based private equity firm. As part of the Fed agreement, GM will reduce its ownership in GMAC to less than 10 percent and transfer what remains to an independent trust, which will dispose of the stakes within three years.

To contact the reporter on this story: Gabrielle Coppola in New York at gcoppola@bloomberg.net

Last Updated: December 29, 2008 14:07 EST