New Issue: General Motors Financial sells $1.85 billion of notes due 2028, 2033

By Wendy Van Sickle

Columbus, Ohio, June 20 – General Motors Financial Co. Inc. priced a $1.85 billion two-part offering of senior notes on Tuesday, including senior notes due 2028 and an add-on to the 6.4% notes due Jan. 9, 2033, according to an FWP filed with the Securities and Exchange Commission.

The $500 million of add-on 2033 notes priced at 102.25 plus accrued interest from, and including, Jan. 9 to, but excluding, June 23 to yield 6.08%, or a spread of 235 basis points over Treasuries. They will form a single series with and have the same terms as the existing 2033 notes, of which $500 million was issued on Jan. 9.

The company also priced $1.35 billion of 5.8% senior notes due June 23, 2028 at 99.979 to yield 5.805%, or a spread of 185 bps over Treasuries.

Each tranche features call options.

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC are the bookrunners.

Proceeds will be added to the issuer’s general funds and will be available for general corporate purposes.

General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.

Issuer:	General Motors Financial Co. Inc.
Amount:	$1.85 billion
Issue:	Senior notes
Bookrunners:	BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc. and TD Securities (USA) LLC
Co-managers:	Blaylock Van, LLC, CastleOak Securities, LP, Intesa Sanpaolo SpA, Loop Capital Markets LLC, Samuel A. Ramirez & Co., Inc. and Truist Securities Inc.
Trustee:	Computershare Trust Co., NA
Counsel to issuer:	Latham & Watkins LLP
Counsel to underwriters:	Davis Polk & Wardwell LLP
Pricing date:	June 20
Settlement date:	June 23
Distribution:	SEC registered
2028 notes
Amount:	$1.35 billion
Maturity:	June 23, 2028
Coupon:	5.8%
Price:	99.979
Yield:	5.805%
Spread:	Treasuries plus 185 bps
Call:	Make-whole call at Treasuries plus 30 bps until May 23, 2028, then a par call
Cusip:	37045XEH5
2033 notes add-on
Amount:	$500 million
Maturity:	Jan. 9, 2033
Coupon:	6.4%
Price:	102.25 plus accrued interest from, and including, Jan. 9 to, but excluding, June 23
Yield:	6.08%
Spread:	Treasuries plus 235 bps
Call:	Make-whole call at Treasuries plus 45 bps prior to Oct. 9, 2032; par call after that
Cusip:	37045XED4
Total issuance:	$1 billion, including $500 million issued on Jan. 9

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