Published on 11/12/2014 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Ally Financial prices $800 million 3.75% five-year notes at Treasuries plus 229.9 bps
By Aleesia Forni
Virginia Beach, Nov. 12 – Ally Financial Inc. priced $800 million of 3.75% five-year senior notes (B1/BB/BB+) on Wednesday at 99.1 to yield 3.95% with a spread of Treasuries plus 229.9 basis points, according to a market source.
Price talk was set in the 3.95% area, tightened from initial guidance set in the 4% area.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets LLC were the bookrunners.
The Detroit-based auto financing company plans to use proceeds for general corporate purposes.
Issuer: | Ally Financial Inc.
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Amount: | $800 million
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Description: | Senior notes
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Maturity: | Nov. 18, 2019
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Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, RBC Capital Markets LLC
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Co-managers: | Credit Agricole Securities (USA) Inc., Lloyds Securities Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Cabrera Capital Markets, LLC, C.L. King & Associates, Inc., MFR Securities, Inc., Samuel A. Ramirez & Co., Inc.
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Coupon: | 3.75%
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Price: | 99.1
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Yield: | 3.95%
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Spread: | Treasuries plus 229.9 bps
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Trade date: | Nov. 12
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Settlement date: | Nov. 18
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Ratings: | Moody’s: B1
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| Standard & Poor's: BB
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| Fitch: BB+
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Price talk: | 3.95% area, tightened from 4% area
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