Published on 6/29/2016 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: General Motors Financial sells $2 billion 3.2% five-year notes at 220 bps spread
By Cristal Cody
Eureka Springs, Ark., June 29 – General Motors Financial Co., Inc. sold $2 billion of 3.2% five-year senior notes with a spread of 220 basis points over Treasuries on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Ba1/BBB-/BBB-) priced at 99.817 to yield 3.24%.
A planned offering of floating-rate notes due 2021 was dropped from the deal.
Barclays, Citigroup Global Markets Inc., Commerzbank Capital Markets Corp., Morgan Stanley & Co. LLC and TD Securities (USA) LLC were the bookrunners.
The notes are guaranteed by General Motors Financial’s operating subsidiary, AmeriCredit Financial Services, Inc.
Proceeds will be added to the company’s general funds and will be available for general corporate purposes.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co., Inc.
|
| Guarantor: | AmeriCredit Financial Services, Inc.
|
| Amount: | $2 billion
|
| Maturity: | July 6, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays, Citigroup Global Markets Inc., Commerzbank Capital Markets Corp., Morgan Stanley & Co. LLC, TD Securities (USA) LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, CIBC World Markets Corp., Itau BBA USA Securities, Inc., Guzman & Co., Williams Capital Group, LP
|
| Coupon: | 3.2%
|
| Price: | 99.817
|
| Yield: | 3.24%
|
| Spread: | Treasuries plus 220 bps
|
| Call feature: | Make-whole call at Treasuries plus 35 bps before June 6, 2021; par call on or after June 6, 2021
|
| Pricing date: | June 29
|
| Settlement date: | July 5
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 225 bps, plus or minus 5 bps
|
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