By Andrea Heisinger
New York, June 3 - GMAC LLC priced a combined $4.5 billion of three-year notes (Aaa/AAA/AAA) in two tranches guaranteed by the Federal Deposit Insurance Corp. on Wednesday, a market source said.
The $3.5 billion of 2.2% three-year notes priced at 99.841 to yield 2.247%, or 80.1 basis points over Treasuries.
A $1 billion tranche of three-year floating-rate notes priced at par to yield three-month Libor flat.
Both tranches are non-callable.
Bookrunners were Barclays Capital Inc., Banc of America Securities LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc.
The auto, commercial and real estate financing company is based in Detroit.
| Issuer: | GMAC LLC
|
| Guarantor: | Federal Deposit Insurance Corp.
|
| Issue: | FDIC-backed notes
|
| Total amount: | $4.5 billion
|
| Bookrunners: | Barclays Capital Inc., Banc of America Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities Inc.
|
| Trade date: | June 3
|
| Settlement date: | June 8
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Three-year floaters
|
| Amount: | $1 billion
|
| Maturity: | Dec. 19, 2012
|
| Coupon: | Three-month Libor flat
|
| Price: | Par
|
| Yield: | Three-month Libor flat
|
| Call: | Non-callable
|
|
|
| Three-year fixed-rate notes
|
| Amount: | $3.5 billion
|
| Maturity: | Dec. 19, 2012
|
| Coupon: | 2.2%
|
| Price: | 99.841
|
| Yield: | 2.247%
|
| Spread: | Treasuries plus 80.1 bps
|
| Call: | Non-callable
|
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