By Devika Patel
Knoxville, Tenn., April 11 – General Motors Financial Co. Inc. priced a $3 billion offering of senior notes (Ba1/BBB-/BBB-) in three tranches on Monday, according to an FWP filed Tuesday with the Securities and Exchange Commission.
The notes are guaranteed by AmeriCredit Financial Services, Inc.
A $750 million tranche of three-year floating-rate notes priced at par to yield Libor plus 93 basis points. These notes are non-callable.
The company sold $1 billion of 2.65% three-year notes at 99.86 to yield 2.699%, or Treasuries plus 120 bps.
General Motors Financial also brought $1.25 billion of 3.95% seven-year notes at 99.83 to yield 3.978%, or Treasuries plus 180 bps.
BBVA Securities Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Societe Generale CIB and TD Securities (USA) LLC were the bookrunners.
Proceeds will be added to the company’s general funds and will be available for general corporate purposes, according to a 424B5 filing with the SEC.
General Motors Financial is the Fort Worth-based finance subsidiary of General Motors Co.
| Issuer: | General Motors Financial Co. Inc.
|
| Guarantor: | AmeriCredit Financial Services, Inc.
|
| Amount: | $3 billion
|
| Description: | Senior notes
|
| Bookrunners: | BBVA Securities Inc., BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Societe Generale CIB and TD Securities (USA) LLC
|
| Co-managers: | BB Securities Ltd., BMO Capital Markets Corp., Santander Investment Securities Inc., UniCredit Capital Markets LLC, Blaylock Robert Van, LLC and Samuel A. Ramirez & Co. Inc.
|
| Trade date: | April 10
|
| Settlement date: | April 13
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB-
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
|
|
| Three-year floaters
|
| Amount: | $750 million
|
| Maturity: | April 13, 2020
|
| Coupon: | Libor plus 93 bps
|
| Price: | Par
|
| Yield: | Libor plus 93 bps
|
| Call feature: | Non-callable
|
|
|
| Three-year notes
|
| Amount: | $1 billion
|
| Maturity: | April 13, 2020
|
| Coupon: | 2.65%
|
| Price: | 99.86
|
| Yield: | 2.699%
|
| Spread: | Treasuries plus 120 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps
|
|
|
| Seven-year notes
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| Amount: | $1.25 billion
|
| Maturity: | April 13, 2024
|
| Coupon: | 3.95%
|
| Price: | 99.83
|
| Yield: | 3.978%
|
| Spread: | Treasuries plus 180 bps
|
| Call feature: | Make-whole call at Treasuries plus 30 bps prior to Feb. 13, 2024, and then a par call
|
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