Published on 6/6/2022 in the Prospect News Investment Grade Daily.
New Issue: General Motors Financial sells $1.25 billion 5% five-year senior notes
Chicago, June 6 – General Motors Financial Co. Inc. (Baa3/BBB/BBB-) priced $1.25 billion of 5% senior notes with a five-year tenor on Monday at 99.888 to yield 5.028%, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a 200 basis points spread over the benchmark Treasury.
The notes can be redeemed early with a Treasuries plus 30 bps make-whole premium and then at par starting March 9, 2027, one month before the maturity date.
BBVA Securities Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, Lloyds Securities Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC are the bookrunners.
Proceeds will be used for general corporate purposes.
The company announced the deal as a two-part transaction with one fixed-rate tranche and one floating-rate tranche, but details on the floating-rate notes were not available Monday evening.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Amount: | $1.25 billion
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| Issue: | Senior notes
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| Maturity: | April 9, 2027
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| Bookrunners: | BBVA Securities Inc., Credit Agricole CIB, Goldman Sachs & Co. LLC, Lloyds Securities Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC
|
| Co-managers: | BNY Mellon Capital Markets, LLC, Truist Securities, Inc., U.S. Bancorp Investments, Inc., Cabrera Capital Markets LLC, C.L. King & Associates, Inc. and Loop Capital Markets LLC
|
| Trustee: | Computershare Trust Co., NA
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| Counsel to issuer: | Latham & Watkins LLP
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| Counsel to underwriters: | Davis Polk & Wardwell LLP
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| Coupon: | 5%
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| Price: | 99.888
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| Yield: | 5.028%
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| Spread: | Treasuries plus 200 bps
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| Call features: | Make-whole call at Treasuries plus 30 bps until March 9, 2027; thereafter at par
|
| Trade date: | June 6
|
| Settlement date: | June 9
|
| Distribution: | SEC registered
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| Cusip: | 37045XDW3
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