Published on 11/2/2015 in the Prospect News High Yield Daily.
New Issue: Ally Financial prices $750 million 3¼% three-year notes to yield 3.3%
By Paul A. Harris
Portland, Ore., Nov. 2 – Ally Financial Inc. priced a $750 million issue of 3¼% three-year senior notes (/BB+/BB+) at 99.858 to yield 3.3% on Monday, according to a market source.
The yield printed at the tight end of the 3.3% to 3.4% yield talk. Initial guidance was 3½% to 3 5/8%.
Joint bookrunner Citigroup Global Markets Inc. will bill and deliver. Goldman Sachs & Co., Morgan Stanley & Co. LLC and RBC Capital Markets were also joint bookrunners.
The Detroit-based bank holding company plans to use the proceeds for general corporate purposes.
| Issuer: | Ally Financial Inc.
|
| Face amount: | $750 million
|
| Proceeds: | $748,935,000
|
| Maturity: | Nov. 5, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Citigroup Global Markets Inc. (bill and deliver), Goldman Sachs & Co., Morgan Stanley & Co. LLC, RBC Capital Markets
|
| Coupon: | 3¼%
|
| Price: | 99.858
|
| Yield: | 3.3%
|
| Spread: | 223.1 bps
|
| Call protection: | Non-callable
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov. 5
|
| Ratings: | Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 3.3% to 3.4%
|
| Marketing: | Quick to market
|
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