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Ally Financial to redeem $500 million of SmartNotes via new offerings
By Tali David
Minneapolis, July 15 - Ally Financial Inc. plans to redeem its outstanding SmartNotes with the proceeds of a senior guaranteed notes offering and a floating-rate senior notes offering, according to two 424B5 filings with the Securities and Exchange Commission.
As of March 31 there was $7.5 billion aggregate principal amount of SmartNotes outstanding with maturities ranging between April 2013 and March 2025 and interest rates ranging from 5½% to 9%.
Subsequent to March 31, Ally called about $500 million aggregate principal amount of the SmartNotes.
Ally Financial is a Detroit-based automotive financial services company.
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