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Ally Financial to redeem SmartNotes, baby bonds via note offering
By Tali David
Minneapolis, Sept. 4 - Ally Financial Inc. plans to redeem certain outstanding debt securities comprising SmartNotes and "baby bonds" with the proceeds from a senior note offering, according to a 424B5 filed with the Securities and Exchange Commission.
As of June 30, there was $9.9 billion aggregate principal amount of the securities outstanding with maturities ranging between July 2013 and December 2044 and interest rates ranging from 5.25% to 9%.
Subsequent to June 30, Ally redeemed $3.3 billion of the securities and issued notices of redemption for $2.5 billion aggregate principal amount of additional securities.
Pending the application of the proceeds, the company said it might invest the proceeds in short-term securities.
Ally Financial is a Detroit-based automotive financial services company.
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