By Paul A. Harris
Portland, Ore., Feb. 9 - Ally Financial Inc. priced a $1 billion issue of 5½% five-year senior notes (B1/B+/) at 98.926 to yield 5¾% on Thursday, according to a market source.
The yield printed on top of price talk.
Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners for the quick-to-market deal.
Proceeds will be used for general corporate purposes, including debt refinancing.
The issuer is the lending arm of General Motors Corp.
| Issuer: | Ally Financial Inc.
|
| Amount: | $1 billion
|
| Maturity: | Feb. 15, 2017
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 5½%
|
| Price: | 98.926
|
| Yield: | 5¾%
|
| Spread: | 489 bps
|
| Call protection: | Non-callable
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | SEC registered
|
| Price talk: | 5¾% area
|
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