New Issue: Ally Financial prices $500 million 6.7% subordinated notes due 2033

By Marisa Wong

Los Angeles, Feb. 8 – Ally Financial Inc. priced $500 million of 6.7% 10-year subordinated notes (Baa3/BB+/BB+) on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The notes priced at 97.818 to yield 7.007%, or a spread of 335 basis points over Treasuries.

The notes will be callable at par.

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

Proceeds will be used for general corporate purposes.

Ally is a financial services company based in Detroit.

Issuer:	Ally Financial Inc.
Amount:	$500 million
Issue:	Subordinated notes
Maturity:	Feb. 14, 2033
Bookrunners:	BofA Securities, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
Co-managers:	Lloyds Securities Inc., Raymond James & Associates, Inc., U.S. Bancorp Investments, Inc., Bancroft Capital, LLC, CastleOak Securities, LP, C.L. King & Associates, Inc., Loop Capital Markets LLC and Penserra Securities LLC
Trustee:	Bank of New York Mellon
Counsel to issuer:	Sullivan & Cromwell LLP
Counsel to underwriters:	Orrick, Herrington & Sutcliffe LLP
Coupon:	6.7%
Price:	97.818
Yield:	7.007%
Spread:	Treasuries plus 335 bps
Call options:	At par in whole or in part on or after Nov. 16, 2032; at par in whole at any time within 90 days after regulatory capital treatment event
Trade date:	Feb. 8
Settlement date:	Feb. 13
Ratings:	Moody’s: Baa3
	S&P: BB+
	Fitch: BB+
Distribution:	SEC registered
Cusip:	02005NBS8

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