By Paul A. Harris
Portland, Ore., Oct. 8 – General Motors Financial International BV priced a €500 million issue of 1 7/8% five-year senior notes (Ba1/BBB-/BB+) at mid-swaps plus 145 basis points on Wednesday, according to a market source.
The spread came at the tight end of the 145 bps to 150 bps spread talk. Initial guidance was 155 bps to 160 bps.
The announced deal size was €500 million maximum.
The notes priced at 99.882 to yield 1.9%.
Joint bookrunner BNP Paribas will bill and deliver. JPMorgan, Commerzbank and Royal Bank of Scotland were also joint bookrunners.
The issuer is a Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial International BV
|
| Amount: | €500 million
|
| Maturity: | Oct. 15, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | BNP Paribas (bill and deliver), JPMorgan, Commerzbank, Royal Bank of Scotland
|
| Coupon: | 1 7/8%
|
| Price: | 99.882
|
| Yield: | 1.9%
|
| Spread: | 145 bps over mid-swaps
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 15
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Fitch: BB+
|
| Distribution: | Regulation S registered
|
| Price talk: | Mid-swaps plus 145 bps to 150 bps, initial guidance 155 bps to 160 bps
|
| Marketing: | Quick to market
|
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