S&C Advises Ally Financial in $1 Billion Public Notes Offering

Ally Financial completed an underwritten public offering of $1 billion of notes, consisting of $500 million of 5.543% Fixed-to-Floating Rate Senior Notes due 2031 and $500 million of 6.646% Fixed-Rate Reset Subordinated Notes due 2040. The proceeds from the issuance will be used for general corporate purposes.

Ally is a digital financial services company with $193 billion in assets offering mortgage lending, point-of-sale personal lending, consumer credit cards, and a variety of deposit and other banking products. One of the largest full-service automotive-finance operations in the United States, Ally offers a wide range of financial services and insurance products to automotive dealerships and consumers. Additionally, Ally offers securities-brokerage, investment-advisory services and corporate financing.

The S&C team advising Ally included Cathy Clarkin, Ben Rump, Cameron Teschuk and Selina Keller. Eric Wang, Saul Brander and Tristan Hood advised on tax matters. Saul Brander advised on ERISA matters. Kirsten Rodger and Jenna Park advised on UK/EEA matters. Scott Kim provided valuable assistance.