Ally Financial outlines upcoming sale of fixed-to-floating notes

Chicago, June 8 – Ally Financial Inc. will be offering a series of fixed-to-floating rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The initial fixed rate will convert to a floating rate based on SOFR later in the life of the notes.

Starting after six months the notes will be callable with a make-whole premium. The notes may be redeemed at par on the reset date and then again a number of days before the maturity date.

Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC are listed as joint bookrunners.

Bank of New York Mellon will be the trustee.

Ally is using Sullivan & Cromwell LLP for legal counsel. The underwriters are relying on Orrick, Herrington & Sutcliffe LLP for legal matters.

Proceeds will be used for general corporate purposes.

Ally is a financial services company based in Detroit.

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