General Motors Financial Co. Inc. closed the public offering of $1.25 billion aggregate principal amount of its 2.900% senior notes due Feb. 26, 2025.
The company estimates that the net proceeds of the transaction were about $1.24 billion, after deducting the underwriters' discounts and the estimated expenses of the offering. The net proceeds will be added to the company's general funds and will be available for general corporate purposes.
Interest on the notes will be paid semiannually in arrears on Feb. 26 and Aug. 26 of each year, starting Aug. 26, 2020. Interest will accrue on the notes from Jan. 9.
BofA Securities Inc., Banco Bradesco BBI SA, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and NatWest Markets Securities Inc. served as joint book-running managers for the offering. CIBC World Markets Corp., Santander Investment Securities Inc., SunTrust Robinson Humphrey Inc., CastleOak Securities LP and Samuel A. Ramirez & Co. Inc. acted as co-managers.