New Issue: General Motors sells $1.25 billion 2.9% notes due 2025 at 132 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Jan. 6 – General Motors Financial Co. Inc. (Baa3/BBB/BBB) priced $1.25 billion of 2.9% notes due Feb. 26, 2025 at 99.874 to yield 2.926%, or a spread of 132 basis points over Treasuries, on Monday, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes priced better than initial talk in the Treasuries plus 150 bps area.

BofA Securities, Inc., Banco Bradesco BBI SA, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and NatWest Markets Securities 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:	$1.25 billion
Maturity:	Feb. 26, 2025
Description:	Senior notes
Bookrunners:	BofA Securities, Inc., Banco Bradesco BBI SA, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and NatWest Markets Securities Inc.
Co-managers:	CIBC World Markets Corp., Santander Investment Securities Inc., SunTrust Robinson Humphrey, Inc., CastleOak Securities, LP and Samuel A. Ramirez & Co., Inc.
Coupon:	2.9%
Price:	99.874
Yield:	2.926%
Spread:	Treasuries plus 132 bps
Call features:	Make-whole call at Treasuries plus 20 bps before Jan. 26, 2025; thereafter at par
Trade date:	Jan. 6
Settlement date:	Jan. 9
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB
Distribution:	SEC registered
Price guidance:	Treasuries plus 150 bps area

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