By Cristal Cody
Eureka Springs, Ark., Oct. 3 – General Motors Financial Co. Inc. (Ba1/BBB-/BBB-) priced $1.75 billion of senior notes in three parts on Monday, according to an FWP filing with the Securities and Exchange Commission.
The $250 million tranche of three-year floating-rate notes priced at par to yield Libor plus 127 basis points.
The company sold $750 million of 2.35% three-year notes at 99.971 to yield 2.36%, or Treasuries plus 145 bps.
General Motors Financial placed $750 million of 4% 10-year notes at 99.861 to yield 4.017%, or Treasuries plus 240 bps.
The notes are guaranteed by operating subsidiary AmeriCredit Financial Services, Inc.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Lloyds Securities Inc., BofA Merrill Lynch, and Mizuho Securities USA Inc. were the bookrunners.
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: | $1.75 billion
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Lloyds Securities Inc., BofA Merrill Lynch, Mizuho Securities USA Inc.
|
| Co-managers: | BMO Capital Markets Corp., ICBC Standard Bank plc, Santander Investment Securities Inc., Cabrera Capital Markets, LLC, Lebenthal & Co., LLC
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $250 million
|
| Maturity: | Oct. 4, 2019
|
| Coupon: | Libor plus 127 bps
|
| Price: | Par
|
| Yield: | Libor plus 127 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 4, 2019
|
| Coupon: | 2.35%
|
| Price: | 99.971
|
| Yield: | 2.36%
|
| Spread: | Treasuries plus 145 bps
|
| Call feature: | Make-whole call at Treasuries plus 25 bps
|
|
|
| 10-year notes
|
| Amount: | $750 million
|
| Maturity: | Oct. 6, 2026
|
| Coupon: | 4%
|
| Price: | 99.861
|
| Yield: | 4.017%
|
| Spread: | Treasuries plus 240 bps
|
| Call feature: | Make-whole call at Treasuries plus 40 bps before July 6, 2026; at par on or after July 6, 2026
|
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