By Andrea Heisinger
Omaha, Sept. 12 - American General Finance Corp. priced an upsized $600 million of notes in two tranches Wednesday, a market source said.
The offering was originally $300 million.
The $300 million tranche of 5.9% five-year notes (A1/A+/A+) priced to yield Treasuries plus 185 basis points, with a price of 99.80 and a yield of 5.947%.
The $300 million tranche of 6.5% 10-year notes priced to yield Treasuries plus 210 bps with a price of 99.957 and a yield of 6.506%.
Both tranches are non-callable.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
American General is a subsidiary of insurance company American International Group and is based in Evansville, Ind.
| Issuer: | American General Finance Corp.
|
| Issue: | Notes
|
| Total amount: | $600 million, upsized from $300 million
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc, J.P. Morgan Securities Inc.
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A+
|
| Fitch: A+
|
|
|
| Five-year tranche
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2012
|
| Coupon: | 5.9%
|
| Price: | 99.80
|
| Yield: | 5.947%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | Non-callable
|
|
|
| 10-year tranche
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2017
|
| Coupon: | 6.5%
|
| Price: | 99.957
|
| Yield: | 6.506%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Non-callable
|
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