New Issue: GMAC prices $2 billion 8.3% five-year notes at 99.19 to yield 8½%

By Paul A. Harris

St. Louis, Feb. 9 - GMAC Financial Services priced a $2 billion issue of 8.3% five-year senior unsecured notes (B3/B/B) at 99.19 to yield 8½%, or 619.8 basis points over Treasuries, on Tuesday, according to market sources.

The yield printed on top of the price talk.

The Rule 144A notes are non-callable.

Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and J.P. Morgan Securities Inc. were the joint bookrunners.

Issuer:	GMAC Financial Services
Amount:	$2 billion
Maturity:	Feb. 15, 2015
Securities:	Senior unsecured notes
Bookrunners:	Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc.
Coupon:	8.3%
Price:	99.19
Yield:	8½%
Spread:	619.8 bps
Call protection:	Non-callable
Trade date:	Feb. 9
Settlement date:	Feb. 12
Ratings:	Moody's: B3
	Standard & Poor's: B
	Fitch: B
Distribution:	Rule 144A
Price talk:	8½%

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