Ally Financial to sell benchmark five-year bullet notes on Thursday

By Paul A. Harris

Portland, Ore., May 16 – Ally Financial Inc. is in the market with a benchmark offering of senior holding company bullet notes due May 21, 2024 (expected ratings BB+/BB+), which it plans to price as a Thursday drive-by, according to market sources.

Early guidance is in the 4¼% area, a trader said.

Active bookrunner RBC Capital Markets LLC will bill and deliver for the public offering. Barclays, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are also active bookrunners. Co-managers are expected to be announced.

The notes will be callable with a make-whole call until one month prior to maturity, at which time they become callable at par. They are otherwise non-callable.

The Detroit, Mich.-based bank holding company plans to use the proceeds for general corporate purposes.

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