Published on 11/1/2018 in the Prospect News Investment Grade Daily.
New Issue: General Motors Financial prices $1.35 billion senior notes due 2021 in two parts
By Cristal Cody
Tupelo, Miss., Nov. 1 – General Motors Financial Co. Inc. (Baa3/BBB/BBB-) priced $1.35 billion of senior notes in two tranches on Thursday, according to an FWP filing with the Securities and Exchange Commission.
A $350 million offering of three-year floating-rate notes priced at par to yield Libor plus 110 basis points.
A $1 billion tranche of 4.2% three-year fixed-rate notes priced at 99.978 to yield 4.208%, or a spread of 130 bps over Treasuries.
BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Lloyds Securities Inc. and Mizuho Securities USA Inc. were the bookrunners.
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.
|
| Amount: | $1.35 billion
|
| Description: | Senior notes
|
| Bookrunners: | BBVA Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Lloyds Securities Inc. and Mizuho Securities USA Inc.
|
| Co-managers: | ICBC Standard Bank plc, Itau BBA USA Securities, Inc., SunTrust Robinson Humphrey, Inc., Blaylock Van, LLC and Great Pacific Securities
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $350 million
|
| Maturity: | Nov. 6, 2021
|
| Coupon: | Libor plus 110 bps
|
| Price: | Par
|
| Yield: | Libor plus 110 bps
|
| Call feature: | None
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | Nov. 6, 2021
|
| Coupon: | 4.2%
|
| Price: | 99.978
|
| Yield: | 4.208%
|
| Spread: | Treasuries plus 130 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps before maturity
|
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