By Paul A. Harris
Portland, Ore., Sept. 24 – Ally Financial Inc. priced $1 billion of senior notes (B1/BB/BB) in two tranches on Wednesday, according to a market source.
A $300 million tranche of 3¼% three-year notes priced at 99.646 to yield 3 3/8%. The yield printed at the tight end of the 3 3/8% to 3½% yield talk.
A $700 million tranche of 5 1/8% 10-year notes price at 98.085 to yield 5 3/8%. The yield printed at the tight end of the 5 3/8% to 5½% yield talk.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC were the joint bookrunners.
The Detroit-based auto financing company plans to use the proceeds to fund the tenders for its 8% notes due 2013, its 8% notes due 2020 and its 7½% notes due 2020.
| Issuer: | Ally Financial Inc.
|
| Face amount: | $1 billion
|
| Proceeds: | $986 million
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Trade date: | Sept. 24
|
| Settlement date: | Sept. 29
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Marketing: | Quick to market
|
|
|
| Three-year notes
|
| Face amount: | $300 million
|
| Proceeds: | $299 million
|
| Maturity: | Sept. 29, 2017
|
| Coupon: | 3¼%
|
| Price: | 99.646
|
| Yield: | 3 3/8%
|
| Price talk: | 3 3/8% to 3½%
|
|
|
| 10-year notes
|
| Face amount: | $700 million
|
| Proceeds: | $687 million
|
| Maturity: | Sept. 29, 2024
|
| Coupon: | 5 1/8%
|
| Price: | 98.085
|
| Yield: | 5 3/8%
|
| Price talk: | 5 3/8% to 5½%
|
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