New Issue: Ally Financial sells $800 million 3.05% three-year notes at 310 bps over Treasuries

By Cristal Cody

Tupelo, Miss., June 1 – Ally Financial Inc. priced $800 million of 3.05% three-year senior notes (BBB-/BBB-) on Monday at a spread of Treasuries plus 310 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial guidance was in the Treasuries plus 337.5 bps area.

The notes priced at 99.299 to yield 3.297%.

Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

Ally is a financial services company based in Detroit.

Issuer:	Ally Financial Inc.
Amount:	$800 million
Description:	Senior notes
Maturity:	June 5, 2023
Bookrunners:	Barclays, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and RBC Capital Markets, LLC
Co-managers:	Lloyds Securities Inc., Raymond James & Associates, Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Academy Securities, Inc., AmeriVet Securities, Inc., Blaylock Van, LLC, Multi-Bank Securities, Inc. and R. Seelaus & Co., LLC
Coupon:	3.05%
Price:	99.299
Yield:	3.297%
Spread:	Treasuries plus 310 bps
Call features:	Make-whole call on or after Nov. 30, 2022 and before May 6, 2023 at price equal to greater of par and Treasuries plus 50 bps; thereafter at par
Trade date:	June 1
Settlement date:	June 3
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered
Price guidance:	Treasuries plus 337.5 bps area

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