By Paul A. Harris
St. Louis, Aug. 9 - Ally Financial Inc. priced a $1.75 billion issue of 7½% 10-year senior notes (B3/B/B) at 99.116 to yield 7 5/8% on Monday, according to an informed source.
The yield printed on top of the price talk.
Citigroup Global Markets Inc., Bank of America Merrill Lynch, Goldman Sachs & Co. and RBS Securities Inc. were the joint bookrunners.
The automotive lender, previously known as GMAC Inc., will use the proceeds to make loans, to pre-pay receivables and for general corporate purposes.
| Issuer: | Ally Financial Inc.
|
| Face amount: | $1.75 billion
|
| Proceeds: | $1.735 billion (approximate)
|
| Maturity: | Sept. 15, 2020
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Bank of America Merrill Lynch, Goldman Sachs & Co., RBS Securities Inc.
|
| Coupon: | 7½%
|
| Price: | 99.116
|
| Yield: | 7 5/8%
|
| Spread: | 480 bps
|
| Call protection: | Non-callable
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Fitch: B
|
| Distribution: | Rule 144A
|
| Price talk: | 7 5/8%
|
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