By Cristal Cody
Tupelo, Miss., Jan. 14 – General Motors Financial Co. Inc. (Baa3/BBB/BBB) priced $2.5 billion of senior notes in three tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
A planning offering of floating-rate notes was dropped from the final offering.
General Motors Financial priced a $500 million reopening of its 4.2% senior notes due Nov. 6, 2021 at 100.029 to yield 4.187% and a Treasuries plus 165 basis points spread.
The company previously sold $1 billion of the notes on Nov. 1, 2018 at 99.978 to yield 4.208% and a spread of 130 bps over Treasuries. The total outstanding is now $1.5 billion.
A $1.5 billion tranche of 5.1% five-year notes priced at 99.786 to yield 5.149%. The notes priced with a spread of 262.5 bps over Treasuries.
The company also sold $500 million of 5.65% 10-year notes at 99.955 to yield 5.656% and at a spread of 295 bps over Treasuries.
Barclays, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Amount: | $2.5 billion
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC
|
| Co-managers: | BMO Capital Markets Corp., Loop Capital Markets LLC, MUFG, Mischler Financial Group, Inc. and Williams Capital Group, LP
|
| Trade date: | Jan. 14
|
| Settlement date: | Jan. 17
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Notes due 2021
|
| Amount: | $500 million reopening
|
| Maturity: | Nov. 6, 2021
|
| Coupon: | 4.2%
|
| Price: | 100.029
|
| Yield: | 4.187%
|
| Spread: | Treasuries plus 165 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps before maturity
|
| Total outstanding: | $1.5 billion, including $1 billion of notes priced Nov. 1, 2018 at 99.978 to yield 4.208% and a spread of 130 bps over Treasuries
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 17, 2024
|
| Coupon: | 5.1%
|
| Price: | 99.786
|
| Yield: | 5.149%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call features: | Make-whole call at Treasuries plus 40 bps before Dec. 17, 2023; thereafter at par
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Jan. 17, 2029
|
| Coupon: | 5.65%
|
| Price: | 99.955
|
| Yield: | 5.656%
|
| Spread: | Treasuries plus 295 bps
|
| Call features: | Make-whole call at Treasuries plus 45 bps before Oct. 17, 2028; thereafter at par
|
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