Ally Financial tenders for up to $700 million of three series of notes

By Jennifer Chiou

New York, Sept. 24 – Ally Financial Inc. announced the launch of cash tender offers for the following notes:

• Up to $150 million of its $932.54 million of outstanding 8% senior notes due 2031;

• Up to $275 million of its $1.9 billion of outstanding 8% senior guaranteed notes due 2020; and

• Up to $275 million of its $1.75 billion of outstanding 7½% senior guaranteed notes due 2020.

For each $1,000 principal amount, the company is offering $1,290.00 for the 8% notes due 2031, $1,207.50 for the 8% notes due 2020 and $1,192.50 for the 7½% notes, each including an early tender premium of $30.00 for those who participate by 5 p.m. ET on Oct. 7.

Ally will also pay accrued interest.

The offers will expire at 11:59 p.m. ET on Oct. 22.

There is no minimum tender condition, but there is a financing condition.

The Detroit-based car financing company said it plans to use the proceeds from its announced offering of senior notes in tranches of seven-year and 10-year notes to fund the tender offer.

Citigroup (800 558-3745 or call collect 212 723-6106) and Deutsche Bank Securities (866 627-0391 or call collect 212 250-2955) are the dealer managers. Global Bondholder Services Corp. is the depositary and the information agent (866 924-2200 or call collect 212 430-3774).

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