Published on 1/3/2018 in the Prospect News Investment Grade Daily.
New Issue: General Motors Financial details $1.65 billion three-part note issue
By Devika Patel
Knoxville, Tenn., Jan. 3 – General Motors Financial Co. Inc. (Baa3/BBB/BBB-) offered further details about a $1.65 billion sale of senior notes that priced in three tranches on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The company sold $400 million of five-year floating-rate notes at Libor plus 99 basis points. These notes were priced at par.
The $850 million tranche of 3.25% five-year fixed-rate notes priced at a spread of 102 bps over Treasuries. These notes priced at 99.931 to yield 3.265%.
The deal also included $400 million of 3.85% 10-year notes sold at a spread of Treasuries plus 142 bps. These notes priced at 99.77 to yield 3.878%.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Lloyds Securities, Mizuho Securities USA Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co. The notes are guaranteed by AmeriCredit Financial Services, Inc.
| Issuer: | General Motors Financial Co. Inc.
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| Guarantor: | AmeriCredit Financial Services, Inc.
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| Amount: | $1.65 billion
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| Description: | Senior notes
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Lloyds Securities, Mizuho Securities USA Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America, Inc.
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| Co-managers: | BB Securities Ltd., ICBC Standard Bank plc, U.S. Bancorp Investments Inc., CastleOak Securities LP and C.L. King & Associates, Inc.
|
| Trade date: | Jan. 2
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| Settlement date: | Jan. 5
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
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| Fitch: BBB-
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| Distribution: | SEC registered
|
|
|
| Five-year floaters
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| Amount: | $400 million
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| Maturity: | Jan. 5, 2023
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| Coupon: | Libor plus 99 bps
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| Price: | Par
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| Call: | Non-callable
|
|
|
| Five-year notes
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| Amount: | $850 million
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| Maturity: | Jan. 5, 2023
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| Coupon: | 3.25%
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| Price: | 99.931
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| Yield: | 3.265%
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| Spread: | Treasuries plus 102 bps
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| Call: | Make-whole call at Treasuries plus 20 bps until Dec. 5, 2022, then a par call
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|
|
| Ten-year notes
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| Amount: | $400 million
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| Maturity: | Jan. 5, 2028
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| Coupon: | 3.85%
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| Price: | 99.77
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| Yield: | 3.878%
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| Spread: | Treasuries plus 142 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps until Oct. 5, 2027, then a par call
|
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