| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers A > Headlines for Ally Financial Inc. > News item |
Ally Financial begins tenders for $700 million of five note series
By Susanna Moon
Chicago, May 14 – Ally Financial Inc. said it began cash tender offers to purchase up to $700 million principal amount of five series of its notes.
The total purchase price for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 28, the early tender date, will be as follows:
• $1,187.50 for the $1,352,537,000 of 8% senior guaranteed notes due 2020;
• $1,177.50 for the $897,461,000 of 7.5% senior guaranteed notes due 2020;
• $1,292.50 for the $596.54 million of 8% senior notes due 2031 with a sub-cap of $150 million;
• $1,047.50 for the 5.5% senior guaranteed notes due 2017; and
• $1,075.00 for the 6.25% senior guaranteed notes due 2017.
The total payout includes an early tender premium of $30 per $1,000 of notes tendered by the early deadline. Those who tender after the early deadline will receive the total amount less the early premium.
The company also will pay accrued interest to but excluding the settlement date, which is expected to be June 1 for early tendered notes and the first business day after the offer ends for remaining tenders.
The tender offers will end at 11:59 p.m. ET on June 11. Tendered notes may be withdrawn by the early deadline.
The first three series of notes are listed in order of priority acceptance level, and the last two series of notes each have a priority acceptance level of 4.
Citigroup (800 558-3745 or 212 723-6106), Deutsche Bank Securities (866 627-0391 or 212 250-2955) and Goldman, Sachs & Co. (800 828-3182 or 212 902-6595) are the dealer managers. Global Bondholder Services Corp. (866 807-2200 or 212 430-3774) is the depositary and the information agent.
Ally is a Charlotte, N.C.-based automotive financial services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.