Ally Financial to price benchmark notes in two parts Wednesday

By Paul A. Harris

Portland, Ore., Sept. 24 – Ally Financial Inc. is planning a benchmark sale of senior notes (B1/BB/BB) in tranches of seven-year and 10-year notes, according to a market source.

The public deal is set to price Wednesday.

Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC are the joint bookrunners.

The Detroit-based car financing company plans to use the proceeds to fund the tender for up to $700 million of its 8% notes due 2031, its 8% notes due 2020 and its 7½% notes due 2020.

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