By Cristal Cody
Tupelo, Miss., April 3 – General Motors Financial Co. Inc. (Baa3/BBB/BBB) priced $1.25 billion of 3.55% long three-year senior notes on Wednesday at 99.937 to yield 3.572%, or a spread of 128 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced on the tight side of guidance.
A tranche of floating-rate notes due 2022 was dropped from the deal.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerz Markets LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Amount: | $1.25 billion
|
| Maturity: | July 8, 2022
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Commerz Markets LLC, Deutsche Bank Securities Inc., Mizuho Securities USA Inc. and TD Securities (USA) LLC
|
| Co-managers: | BB Securities Ltd., C.L. King & Associates, Guzman & Co., ING Bank NV and U.S. Bancorp Investments, Inc.
|
| Coupon: | 3.55%
|
| Price: | 99.937
|
| Yield: | 3.572%
|
| Spread: | Treasuries plus 128 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps before maturity
|
| Trade date: | April 3
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| Settlement date: | April 8
|
| Ratings: | Moody’s: Baa3
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| S&P: BBB
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| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 130 bps area, plus or minus 2 bps; initial talk at Treasuries plus 145 bps area
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