By Paul A. Harris
St. Louis, Dec. 12 - GMAC LLC priced a $1 billion issue of 6% five-year fixed-rate notes (Ba1/BB+/BB+) at a 167 basis point spread to Treasuries on Tuesday, according to market sources.
The spread came at the tight end of the Treasuries plus 167 to 170 bps price talk.
The issue price was 99.443 resulting in a 6.131% yield to maturity.
Banc of America Securities LLC, Citigroup and JP Morgan led the Securities and Exchange Commission-registered note issue.
Proceeds will be used for the purchase of receivables, the making of loans or the repayment of debt.
Detroit-based GMAC has operations in the finance, mortgage and insurance industries and is owned by investors led by Cerberus Capital Management, LP.
| Issuer: | GMAC LLC
|
| Amount: | $1 billion
|
| Maturity: | Dec. 15, 2011
|
| Security description: | Fixed-rate notes
|
| Bookrunners: | Banc of America Securities LLC, Citigroup, JP Morgan
|
| Coupon: | 6%
|
| Price: | 99.443
|
| Yield: | 6.131%
|
| Spread: | 167 bps
|
| Call protection: | Non-callable
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 167 to 170 bps
|
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