New Issue: Ally sells upsized $750 million 1.45% three-year notes at Treasuries plus 150 bps

By Devika Patel

Knoxville, Tenn., Sept. 16 – Ally Financial Inc. priced $750 million of 1.45% three-year senior notes (BBB-/BBB-) on Wednesday at a spread of 150 basis points over Treasuries, according to an FWP filed with the Securities and Exchange Commission.

The upsized notes priced at 99.374 to yield 1.662%.

Initial talk had the deal raising $500 million at a 185 bps spread to Treasuries.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. were the active bookrunners. RBC will bill and deliver.

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

Issuer:	Ally Financial Inc.
Amount:	$750 million
Description:	Senior notes
Maturity:	Oct. 2, 2023
Bookrunners:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets Corp. (bill and deliver)
Co-managers:	Lloyds Securities Inc., Raymond James & Associates, Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., American Veterans Group, PBC, Apto Partners, LLC, CastleOak Securities LP, Drexel Hamilton LLC and R. Seelaus & Co. Inc.
Coupon:	1.45%
Price:	99.374
Yield:	1.662%
Spread:	Treasuries plus 150 bps
Call:	Make-whole call at greater of par and Treasuries plus 25 bps until Sept. 2, 2023, then a par call
Trade date:	Sept. 16
Settlement date:	Sept. 18
Ratings:	S&P: BBB-
	Fitch: BBB-
Distribution:	SEC registered

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