By Cristal Cody
Tupelo, Miss., Nov. 2 – General Motors Financial Co. Inc. (Baa3/BBB/BBB-) priced $2 billion of senior notes in three tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The company sold $400 million of three-year floating-rate notes at par to yield Libor plus 54 basis points.
The $850 million tranche of 2.45% three-year fixed-rate notes priced at 99.925 to yield 2.476%, or a spread of 75 bps over Treasuries.
In the final slice, General Motors Financial sold $750 million of 3.5% seven-year notes at 99.852 to yield 3.524%. The notes priced with a spread of Treasuries plus 132 bps.
Banco Bradesco BBI SA, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc. were the bookrunners.
The notes are guaranteed by AmeriCredit Financial Services, Inc.
Proceeds will be used for general corporate purposes.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Guarantor: | AmeriCredit Financial Services, Inc.
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Bookrunners: | Banco Bradesco BBI SA, Commerz Markets LLC, Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBS Securities Inc.
|
| Co-managers: | BMO Capital Markets Corp., ICBC Standard Bank plc, UniCredit Capital Markets LLC, Guzman & Co. and Williams Capital Group, LP
|
| Trade date: | Nov. 2
|
| Settlement date: | Nov. 7
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $400 million
|
| Maturity: | Nov. 6, 2020
|
| Coupon: | Libor plus 54 bps
|
| Price: | Par
|
| Yield: | Libor plus 54 bps
|
| Call feature: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $850 million
|
| Maturity: | Nov. 6, 2020
|
| Coupon: | 2.45%
|
| Price: | 99.925
|
| Yield: | 2.476%
|
| Spread: | Treasuries plus 75 bps
|
| Call features: | Make-whole call at Treasuries plus 12.5 bps before final maturity
|
|
|
| Seven-year notes
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| Amount: | $750 million
|
| Maturity: | Nov. 7, 2024
|
| Coupon: | 3.5%
|
| Price: | 99.852
|
| Yield: | 3.524%
|
| Spread: | Treasuries plus 132 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before Sept. 7, 2024; thereafter at par
|
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