By Stephanie N. Rotondo
Seattle, Sept. 14 – General Motors Financial Co. Inc. priced a $1 billion offering of 5.75% $1,000-par series A fixed-to-floating rate cumulative perpetual preferred stock, according to an FWP filed with the Securities and Exchange Commission.
The deal was first announced on Monday.
BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC are the joint bookrunners.
Dividends will be fixed and payable semiannually until Sept. 30, 2027. At that point, the dividend rate will float at Libor plus 359.8 basis points and will be paid on a quarterly basis.
The preferreds become redeemable on Sept. 30, 2027 at par plus accrued dividends.
The new securities will not be listed on any exchange.
The Fort Worth, Texas-based provider of auto financing will add proceeds from the offering to its general funds, which are available to use for general corporate purposes.
| Issuer: | General Motors Financial Co. Inc.
|
| Securities: | Series A fixed-to-floating rate cumulative preferred stock
|
| Amount: | $1 billion
|
| Maturity: | Perpetual
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
|
| Dividend: | Fixed at 5.75% until Sept. 30, 2027, then floating at Libor plus 359.8 bps
|
| Price: | Par of $1,000
|
| Yield: | 5.75%
|
| Call options: | On or after Sept. 30, 2027 at par plus accrued dividends
|
| Pricing date: | Sept. 13
|
| Settlement date: | Sept. 20
|
| Distribution: | SEC registered
|
| Cusip: | 37045XCA2
|
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