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Ally Financial will redeem some trust preferreds, junior debentures
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – GMAC Capital Trust 1, a subsidiary trust of Ally Financial Inc., is redeeming the remaining outstanding 7.65 million units of its 8.125% fixed-rate/floating-rate trust preferred securities, series 2, (Cusip: 361860208), according to a company news release.
The trust preferreds will be redeemed at $25.00 per unit plus accrued interest payable from Aug. 16 through the redemption date on Oct. 15.
GMAC Capital will also redeem 229,500 units of its 8.125% fixed-rate/floating-rate common securities, series 2, or 100% of the outstanding securities.
The common securities will be redeemed on Oct. 15 at $25.00 per unit plus accrued distributions to the redemption date.
In addition, Ally will redeem 7,879,500 units of its 8.125% fixed-rate/floating-rate junior subordinated deferrable interest debentures due 2040, or 100% of the outstanding securities, which are held by GMAC Capital.
The debentures will be redeemed on Oct. 15 at par of $25.00 plus accrued dividends to the redemption date.
Ally is a financial services company based in Detroit. GMAC Capital Trust 1 is a special purpose vehicle for issuing securities.
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