New Issue: General Motors Financial prices €750 million 0.955% seven-year notes at 95 bps spread

By Paul A. Harris

Portland, Ore., Aug. 31 – General Motors Financial Co. priced a €750 million split-rated issue of 0.955% seven-year senior notes (Ba1/BBB-/BBB-) at a 95 basis points spread to mid-swaps on Wednesday, according to a market source.

The spread came 5 bps inside of the 100 bps to 105 bps spread talk. Initial guidance was in the 120 bps area.

Active bookrunner Barclays will bill and deliver. Commerzbank, Credit Agricole CIB and JPMorgan were also active bookrunners.

The Fort Worth-based financial services arm of General Motors plans to use the proceeds for general corporate purposes.

Issuer:	General Motors Financial Co.
Amount:	€750 million
Maturity:	Sept. 7, 2023
Securities:	Senior notes
Active bookrunners:	Barclays (bill and deliver), Commerzbank, Credit Agricole CIB, JPMorgan
Coupon:	0.955%
Price:	Par
Yield:	0.995%
Spread:	Mid-swaps plus 95 bps
Call protection:	Par call three months prior to maturity, otherwise non-callable
Trade date:	Aug. 31
Settlement date:	Sept. 7
Ratings:	Moody's: Ba1
	S&P: BBB-
	Fitch: BBB-
Price talk:	Mid-swaps plus 100 bps to 105 bps
Marketing: Quick-to-market

© 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.