By Paul A. Harris
Portland, Ore., July 15 - Ally Financial Inc. priced $1.375 billion of non-callable three-year senior notes (B1/B+/BB-) in two tranches on Monday, according to an informed source.
A $1 billion tranche of fixed-rate notes priced at par to yield 3½%.
A $375 million tranche of floating-rate notes priced at par to yield three-month Libor plus 268 basis points.
Both tranches came on top of price talk.
Barclays, Citigroup Global Markets, Goldman Sachs & Co. and Morgan Stanley & Co. were the joint bookrunners for the quick-to-market deal, which was priced on the investment grade syndicate desk.
Proceeds will be used to refinance debt.
Ally Financial, previously known as GMAC Inc., is a financial services company headquartered in Detroit, Mich.
| Issuer: | Ally Financial Inc.
|
| Amount: | $1.375 billion
|
| Maturity: | Three years
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets, Goldman Sachs & Co., Morgan Stanley & Co.
|
| Call protection: | Non-callable
|
| Trade date: | July 15
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
|
|
| Fixed-rate notes
|
| Amount: | $1 billion
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Price talk: | 3½%
|
|
|
| Floating-rate notes
|
| Amount: | $375 million
|
| Coupon: | Three-month Libor plus 268 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 268 bps
|
| Price talk: | Libor plus 268 bps
|
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