General Motors talks benchmark notes due 2036, 2046; pricing Thursday

By Aleesia Forni

New York, Feb. 18 – General Motors Co. plans to price a benchmark offering of senior notes (Ba1/BBB-/BBB-) on Thursday in tranches due 2036 and 2046, according to a market source and a 424B2 filing with the Securities and Exchange Commission.

The 20-year bonds are talked in the 425 basis points area over Treasuries, and the 30-year tranche is talked in the area of Treasuries plus 437.5 bps.

Each tranche of the two-part issue is expected to be approximately $1 billion, according to a Fitch Ratings news release.

Goldman Sachs & Co., BofA Merrill Lynch, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Morgan Stanley & Co. LLC are the joint bookrunners.

The Detroit-based automaker plans to use the proceeds to make a discretionary contribution to its U.S. hourly pension plan and for general corporate purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.