Ally Financial driving by with $500 million three-year notes talked at Treasuries plus 185 bps area

By Paul A. Harris

Portland, Ore., Sept. 16 – Ally Financial Inc. plans to price a $500 million public offering of three-year senior notes (BBB-/BBB-) in a Wednesday drive-by, according to a syndicate source.

Initial talk has the deal coming at a 185 basis points spread to Treasuries.

Citigroup, Deutsche Bank, JPMorgan and RBC are the active bookrunners. RBC will bill and deliver.

The notes will be callable by means of a make-whole call until one month prior to maturity, when they become subject to a par call. They are otherwise non-callable.

The Detroit-based financial services company plans to use the proceeds for general corporate purposes.

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