Ally Financial outlines offering of fixed-to-floating senior notes

By Mary-Katherine Stinson

Lexington, Ky., Dec. 11 – Ally Financial Inc. will be offering a series of fixed-to-floating rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The initial fixed rate will convert to a floating rate based on SOFR later in the life of the notes.

Starting 180 days from issue, the notes will be callable with a make-whole premium. The notes may be redeemed in full at par on the first par call date and then again beginning a number of days before the maturity date.

Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are listed as joint bookrunners.

Bank of New York Mellon will be the trustee.

Ally is using Sullivan & Cromwell LLP for legal counsel. The underwriters are relying on Orrick, Herrington & Sutcliffe LLP for legal matters.

Proceeds will be used for general corporate purposes.

Ally is a financial services company based in Detroit.

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