By Cristal Cody
Tupelo, Miss., Dec. 1 – Ally Financial Inc. priced an upsized $450 million add-on to the company’s 1.45% senior notes due Oct. 2, 2023 (BBB-/BBB-) on Tuesday at 101.645 to yield 0.843%, or a spread of Treasuries plus 62 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial guidance was in the Treasuries plus 75 bps area.
The offering was upsized from $300 million.
Ally Financial previously sold $750 million of the notes on Sept. 16 at 99.374 to yield 1.662% and a spread of 150 bps over Treasuries. The total outstanding is now $1.2 billion.
BofA Securities Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. 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: | $450 million reopening
|
| Description: | Senior notes
|
| Maturity: | Oct. 2, 2023
|
| Bookrunners: | BofA Securities Inc., Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC
|
| Co-managers: | Academy Securities, Inc., Great Pacific Securities, Multi-Bank Securities, Inc. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 1.45%
|
| Price: | 101.645
|
| Yield: | 0.843%
|
| Spread: | Treasuries plus 62 bps
|
| Call features: | Make-whole call after June 1, 2021 and before Sept. 2, 2023 at price equal to greater of par and Treasuries plus 25 bps; thereafter at par
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 3
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 75 bps area
|
| Total outstanding: | $1.2 billion, including $750 million of notes priced Sept. 16 at 99.374 to yield 1.662% and a spread of 150 bps over Treasuries
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
