By Aleesia Forni
New York, Nov. 19 – General Motors Financial Co., Inc. sold $1 billion of 3.7% five-year senior notes (Ba1/BBB-/BBB-) on Thursday with a spread of 205 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.928 to yield 3.716%.
The notes sold at the tight side of guidance set in the range of Treasuries plus 205 bps to 210 bps and tighter than initial talk set in the 215 bps to 220 bps range over Treasuries.
A floating-rate tranche was dropped prior to the deal’s launch.
Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and RBC Capital Markets LLC 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.
|
| Amount: | $1 billion
|
| Description: | Senior notes
|
| Maturity: | Nov. 24, 2020
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., RBC Capital Markets LLC
|
| Co-managers: | Commerzbank AG, Lloyds Securities Inc., Lebenthal & Co., LLC, Mischler Financial Group, Inc.
|
| Coupon: | 3.7%
|
| Price: | 99.928
|
| Yield: | 3.716%
|
| Spread: | Treasuries plus 205 bps
|
| Make-whole call: | Treasuries plus 35 bps prior to Oct. 24, 2020, then callable at par
|
| Trade date: | Nov. 19
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| Settlement date: | Nov. 24
|
| Ratings: | Moody’s: Ba1
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| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 205 bps to 210 bps, revised from Treasuries plus 215 bps to 220 bps
|
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