By Aleesia Forni
Virginia Beach, Oct. 7 – General Motors Financial Co., Inc. sold $1.75 billion of senior notes (Ba1/BBB-/BBB-) on Wednesday in fixed- and floating-rate tranches due Jan. 15, 2019, according to a market source.
There was $1.5 billion of 3.1% notes sold at 99.954 to yield 3.116%, or Treasuries plus 220 basis points.
Pricing was in line with guidance set at Treasuries plus 220 bps, which was tightened from talk in the Treasuries plus 240 bps area.
A $250 million floating-rate tranche sold at par to yield Libor plus 206 bps.
The notes sold on top of guidance. Initial talk was set at the Libor equivalent to the fixed-rate tranche.
BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Lloyds Securities and Societe Generale CIB are the joint bookrunners.
The notes will be guaranteed by the company’s operating subsidiary, AmeriCredit Financial Services, Inc.
General Motors Financial, the Fort Worth-based finance subsidiary of General Motors Co., plans to use the proceeds for general corporate purposes.
| Issuer: | General Motors Financial Co., Inc.
|
| Guarantor: | AmeriCredit Financial Services Inc.
|
| Issue: | Senior notes
|
| Amount: | $1.75 billion
|
| Bookrunners: | BofA Merrill Lynch, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Lloyds Securities, Societe Generale CIB
|
| Trade date: | Oct. 7
|
| Ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Fixed-rate notes
|
| Amount: | $1.5 billion
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | 3.1%
|
| Price: | 99.954
|
| Yield: | 3.116%
|
| Spread: | Treasuries plus 220 bps
|
| Price guidance: | Treasuries plus 220 bps, tightened from Treasuries plus 240 bps area
|
|
|
| Floating-rate notes
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2019
|
| Coupon: | Libor plus 206 bps
|
| Price: | Par
|
| Yield: | Libor plus 206 bps
|
| Price guidance: | Libor plus 206 bps, adjusted from Libor equivalent to fixed-rate notes
|
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