Published on 12/2/2013 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Ally Financial prices $1 billion 2¾% three-year notes to yield 2 7/8%
By Paul A. Harris
Portland, Ore., Dec. 2 - Ally Financial Inc. priced a $1 billion issue of 2¾% three-year non-callable senior guaranteed notes (B1/B+/) at 99.622 to yield 2 7/8% on Monday, according to market sources.
The yield printed 12.5 basis points inside the tight end of the 3% to 3 1/8% yield talk.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the joint bookrunners for the public offering, which was transacted on the investment-grade desk.
The Detroit-based automotive lender plans to use the proceeds for general corporate purposes and the redemption of outstanding debt securities.
Issuer: | Ally Financial Inc.
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Amount: | $1 billion
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Maturity: | Jan. 30, 2017
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Securities: | Senior guaranteed notes
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Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
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Co-managers: | Credit Agricole Securities (USA) Inc., Lloyds Securities Inc., Scotia Capital (USA) Inc., SG CIB, U.S. Bancorp Investments Inc., Drexel Hamilton LLC, MFR Securities Inc., Samuel A. Ramirez & Co. Inc., Toussaint Capital Partners LLC
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Coupon: | 2¾%
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Price: | 99.622
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Yield: | 2 7/8%
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Spread: | 231.6 bps
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Call protection: | Non-callable
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Trade date: | Dec. 2
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Settlement date: | Dec. 5
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Ratings: | Moody's: B1
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| Standard & Poor's: B+
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Distribution: | SEC registered
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Price talk: | 3% to 3 1/8%
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Marketing: | Quick to market
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