General Motors Financial on Tuesday completed two rounds of public offerings that totaled $2.75 billion.
According to a filing with the Securities and Exchange Commission, one segment is $1.5 billion aggregate principal amount of the company’s 4.200 percent Senior Notes due 2021 (the 2021 notes). The other is its $1.25 billion aggregate principal amount of its 5.250 percent Senior Notes due 2026 (the 2026 notes).
The filing indicated the notes are guaranteed by the company’s principal United States operating subsidiary, AmeriCredit Financial Services.
J.P. Morgan Securities, Credit Agricole Securities USA, Lloyds Securities, Mizuho Securities USA and Societe Generale are representatives of the underwriters.
GM Financial estimated that the net proceeds of the offering of the notes will be approximately $2.73 billion, after deducting the underwriters’ discounts and commissions and the estimated expenses of the offering.
“The net proceeds from the offering will be added to the company’s general funds and will be available for general corporate purposes,” the company said.
“The underwriting agreement contains customary representations, warranties and agreements by the company and the guarantor, customary conditions to closing, other obligations of the parties and termination provisions,” the companycontinued.
“Additionally, the company and the guarantor have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933 or to contribute to payments the underwriters may be required to make because of any of those liabilities,” GM Financial went on to say.