GM Financial, Public Service, Alabama Power, GATX sell notes; credit spreads mostly flat

By Cristal Cody

Tupelo, Miss., Nov. 2 – Deal action picked up on Thursday with several high-grade issuers in the primary market.

General Motors Financial Co. Inc. came with a $2 billion three-part offering of senior notes.

General Motors sold $400 million of three-year floating-rate notes at par to yield Libor plus 54 bps; $850 million of 2.45% three-year fixed-rate notes at 99.925 to yield 2.476%; and $750 million of 3.5% seven-year notes at 99.852 to yield 3.524%.

Public Service Enterprise Group Inc. sold $700 million of five-year senior notes.

Alabama Power Co. placed $550 million of 30-year notes.

Suncorp-Metway Ltd. priced $500 million of three-year senior notes.

GATX Corp. returned to the primary market for the second time this week with a $200 million offering of four-year senior floating-rate notes.

Also, International Finance Corp. brought a $250 million reopening of its floating-rate notes due Dec. 15, 2022 to the market on Thursday.

In other issuance, Summit Hotel Properties Inc. sold $160 million of 6.25% series E cumulative redeemable preferred stock with a $25.00 per share liquidation preference.

The Markit CDX North American Investment Grade 29 index closed mostly unchanged at a spread of 53 basis points.

© 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.