Ally Financial offers single tranche of subordinated notes

By Mary-Katherine Stinson and Paul A. Harris

Lexington, Ky., Feb. 8 – Ally Financial Inc. is offering a single tranche of subordinated notes, according to a 424B5 filing with the Securities and Exchange Commission on Wednesday morning.

The notes are expected to be split-rated and are expected to price off the investment-grade desk.

Starting a number of days before the maturity date or within 90 days after a regulatory capital treatment event, the notes will be callable at par.

BofA Securities, Inc., Goldman Sachs & Co. LLC, JPMorgan Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners.

Bank of New York Mellon will be the trustee.

Sullivan & Cromwell LLP is working as counsel for Ally. Orrick, Herrington & Sutcliffe LLP has been hired as counsel by the bookrunners.

Proceeds will be used for general corporate purposes.

Ally is a financial services company based in Detroit.

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