By James McCandless
San Antonio, Sept. 9 – General Motors Financial Co., Inc. priced a $500 million offering of $1,000-par series C fixed-rate reset cumulative perpetual preferred stock (BB+) with a dividend of 5.7% at par on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
There is no greenshoe.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC are the bookrunners.
Dividends are payable on March 30 and Sept. 30, starting on March 30, 2021.
On Sept. 30, 2030 and every five years thereafter, the dividend resets to the rate of Treasuries plus 499.7 basis points.
The preferreds are redeemable on Sept. 30, 2030 and any dividend payment date.
General Motors Financial plans to use the proceeds for general corporate purposes.
The company does not plan to list the preferreds on any securities exchange.
General Motors Financial is a Fort Worth-based automobile financial services company.
| Issuer: | General Motors Financial Corp.
|
| Description: | Series C fixed-rate reset cumulative perpetual preferred stock
|
| Amount: | $500 million, or 500,000 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and Wells Fargo Securities, LLC
|
| Dividend: | 5.7%; resets on Sept. 30, 2030 and every five years thereafter at the rate of the Treasuries plus 499.7 bps
|
| Price: | Par of $1,000
|
| Yield: | 5.7%
|
| Call: | On Sept. 30, 2030 and any dividend payment date
|
| Pricing date: | Sept. 9
|
| Settlement date: | Sept. 16
|
| Ratings: | S&P: BB+
|
| Distribution: | SEC registered
|
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