By Aleesia Forni
New York, Feb. 25 – General Motors Financial Co. Inc. sold $2.75 billion of senior notes (Ba1/BBB-/BBB-) on Thursday, according to an informed source.
There was $1.5 billion of 4.2% five-year notes sold at 99.929 to yield 4.216%, or Treasuries plus 305 basis points.
The notes sold at the tight side of the Treasuries plus 310 bps area guidance. Initial talk was in the 315 bps area over Treasuries.
And $1.25 billion of 5.25% 10-year bonds sold at 99.639 to yield 5.297%, or Treasuries plus 360 bps.
Guidance was in the 365 bps area over Treasuries following initial talk in the Treasuries plus 375 bps area.
Plans for a five-year floater were dropped prior to the deal’s launch.
Credit Agricole, J.P. Morgan Securities LLC, Lloyds Securities, Mizuho Securities and Societe Generale are the joint bookrunners.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Issue: | Senior notes
|
| Amount: | $2.75 billion
|
| Bookrunners: | Credit Agricole, J.P. Morgan Securities LLC, Lloyds Securities, Mizuho Securities, Societe Generale
|
| Trade date: | Feb. 25
|
| Settlement date: | March 1
|
| Ratings: | Moody’s: Ba1
|
| Standard & Poor’s: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Five-year notes
|
| Amount: | $1.5 billion
|
| Maturity: | March 1, 2021
|
| Coupon: | 4.2%
|
| Price: | 99.929
|
| Yield: | 4.216%
|
| Spread: | Treasuries plus 305 bps
|
| Price guidance: | Treasuries plus 310 bps area, tightened from Treasuries plus 315 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | March 1, 2026
|
| Coupon: | 5.25%
|
| Price: | 99.639
|
| Yield: | 5.297%
|
| Spread: | Treasuries plus 360 bps
|
| Price guidance: | Treasuries plus 365 bps area, tightened from Treasuries plus 375 bps area
|
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