Ally Financial to redeem 10.3% deferred interest debentures on June 30

By Marisa Wong

Madison, Wis., May 30 - Ally Financial Inc. said it will redeem all of its 10.3% deferred interest debentures due June 15, 2015 on June 30.

Holders of redeemed notes will receive $2,300 principal amount plus $7,473.07 of interest per note, according to a news release.

The aggregate principal amount of redeemed notes, plus a portion of the interest that has accrued on a straight-line basis, is $9,773.07 for each $10,000 of accreted amount per note due at maturity, resulting in total proceeds of about $536.2 million.

Bank of New York Mellon is the trustee and paying agent.

Ally Financial Inc. is an automotive financial services company based in Detroit.

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