By Devika Patel
Knoxville, Tenn., Jan. 12 – General Motors Financial Co. Inc. (Ba1/BBB-/BBB-) offered further details about a $2.5 billion three-tranche offering of senior notes that priced on Wednesday, according to an FWP filed Thursday with the Securities and Exchange Commission.
A $500 million tranche of five-year floating-rate notes priced at par to yield Libor plus 155 basis points. The final book size was $1 billion. These notes are non-callable.
The company sold $1.25 billion of 3.45% five-year fixed-rate notes at 99.868 to yield 3.479%, or Treasuries plus 160 bps. The five-year tranche had a book size of $2.6 billion. These notes have a make-whole call at Treasuries plus 25 bps before Dec. 14, 2021 and then a par call.
General Motors Financial also brought $750 million of 4.35% 10-year notes at 99.855 to yield 4.368%, or Treasuries plus 200 bps, with a book size of $2.8 billion. These notes have a make-whole call at Treasuries plus 30 bps before Oct. 17, 2026 and then a par call.
Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets, LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be added to the company’s general funds and will be available for general corporate purposes, according to a 424B5 filing with the Securities and Exchange Commission.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
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| Amount: | $2.5 billion
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| Description: | Senior notes
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| Bookrunners: | Credit Agricole CIB, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., Wells Fargo Securities LLC
|
| Co-managers: | CIBC World Markets Corp., RBS Securities Inc. - under the marketing name “NatWest Markets,” U.S. Bancorp Investments Inc., Loop Capital Markets LLC and Mischler Financial Group, Inc.
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| Trade date: | Jan. 11
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| Settlement date: | Jan. 17
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| Ratings: | Moody’s: Ba1
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| S&P: BBB-
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| Fitch: BBB-
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| Distribution: | SEC registered
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|
| Five-year floaters
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| Amount: | $500 million
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| Maturity: | Jan. 14, 2022
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| Coupon: | Libor plus 155 bps
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| Price: | Par
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| Yield: | Libor plus 155 bps
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| Call feature: | Non-callable
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|
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| Five-year notes
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| Amount: | $1.25 billion
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| Maturity: | Jan. 14, 2022
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| Coupon: | 3.45%
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| Price: | 99.868
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| Yield: | 3.479%
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| Spread: | Treasuries plus 160 bps
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| Call feature: | Make-whole call at Treasuries plus 25 bps prior to Dec. 14, 2021, and then a par call
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| 10-year notes
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| Amount: | $750 million
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| Maturity: | Jan. 17, 2027
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| Coupon: | 4.35%
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| Price: | 99.855
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| Yield: | 4.368%
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| Spread: | Treasuries plus 200 bps
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| Call feature: | Make-whole call at Treasuries plus 30 bps prior to Oct. 17, 2026, and then a par call
|
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