By Paul A. Harris
Portland, Ore., Sept. 4 - Ally Financial Inc. priced an upsized $750 million issue of 4¾% non-callable five-year senior guaranteed notes (B1/B+/BB-) at 99.123 to yield 4.95% on Wednesday, according to a market source.
The yield came slightly lower than yield talk that had been set at 5%. The deal was upsized from $500 million.
BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets were the joint bookrunners for the public offering, which was run on the investment-grade desk.
The financial services company plans to use the proceeds to repay debt.
| Issuer: | Ally Financial Inc.
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | Sept. 20, 2018
|
| Securities: | Senior guaranteed notes
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets
|
| Coupon: | 4¾%
|
| Price: | 99.123
|
| Yield: | 4.95%
|
| Spread: | 321 bps
|
| Call protection: | Non-callable
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 9
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Distribution: | SEC registered
|
| Price talk: | 5%
|
| Marketing: | Quick to market
|
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