General Motors Financial plans notes in four parts, including add-on

By Devika Patel

Knoxville, Tenn., Jan. 14 – General Motors Financial Co. Inc. (Baa3/BBB/BBB-) intends to offer senior notes in four tranches, including an add-on to its 4.2% senior notes due Nov. 6, 2021, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $1 billion of the 4.2% notes in a sale that priced on Nov. 1, 2018 and settled on Nov. 6, 2018. The notes were priced at 99.978 to yield 4.208%, with a spread of 130 basis points over Treasuries.

The new notes will be sold in two fixed-rate tranches, due 2024 and 2029, and one floating-rate tranche, due in 2024.

The new floaters are not callable. The new fixed-rate notes have a make-whole call until one month prior to maturity for the 2024 notes and three months prior to maturity for the 2029 notes, and then a par call.

The 4.2% notes have a make-whole call at Treasuries plus 20 bps.

Barclays, J.P. Morgan Securities LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes.

General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.

© 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.