By Paul A. Harris
St. Louis, March 10 - GMAC Inc. priced a $1.5 billion issue of 8% 10-year senior unsecured notes (B3/B/B) at 98.32 to yield 8¼% on Wednesday, according to market sources.
The yield printed on top of the price talk.
Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch and Citigroup Global Markets Inc. ran the books for the quick-to-market deal.
GMAC, which has customarily issued into the high-yield market with bonds registered with the Securities and Exchange Commission, elected to go with the Rule 144A with registration rights and Regulation S formats this time around.
Proceeds will be used for general corporate purposes.
The issuer is the financing unit of General Motors Corp.
| Issuer: | GMAC Inc.
|
| Amount: | $1.5 billion
|
| Maturity: | March 15, 2020
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc., Bank of America Merrill Lynch, Citigroup Global Markets Inc.
|
| Coupon: | 8%
|
| Price: | 98.32
|
| Yield: | 8¼%
|
| Spread: | 453.2 bps
|
| Trade date: | March 10
|
| Settlement date: | March 15
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: B
|
| Distribution: | Rule 144A with registration rights/Regulation S
|
| Price talk: | 8¼% area
|
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