Ally to price benchmark notes on Wednesday, includes new five-year notes, tap of 5¾% paper

By Paul A. Harris

Portland, Ore., April 6 – Ally Financial Inc. plans to price a benchmark offering of notes on Wednesday, according to an informed source.

The offering includes a tranche of new five-year senior notes. The tranche is expected to be sized at $500 million to $600 million. Initial guidance is 4 5/8%.

In addition Ally plans to price an add-on to its 5¾% subordinated notes due Nov. 20, 2025. Initial guidance on the add-on is 6.3%. The original $750 million issue priced at 99.065 to yield 5 7/8% on Nov. 17, 2015.

BofA Merrill Lynch, Barclays, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets are the lead managers.

Ally Financial is a Detroit-based automotive financial services company.

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