|By PR Newswire||
|April 9, 2014 06:00 PM EDT||
DETROIT, April 9, 2014 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced the pricing of its initial public offering of 95,000,000 shares of common stock at a price to the public of $25 per share. The underwriters of the offering will have a 30-day option to purchase up to an additional 14,250,000 shares of common stock from the U.S. Department of the Treasury (Treasury) at the initial public offering price. Ally's common stock is expected to begin trading on the New York Stock Exchange on Thursday, April 10, under the ticker symbol "ALLY."
All of the shares are offered by Treasury as part of its planned exit of its investment in Ally. After giving effect to the issuance and sale of shares in the initial public offering, Treasury will own 17 percent of the shares of Ally's outstanding common stock. Including the initial public offering, Treasury has recovered $17.7 billion on the Ally investment, which is approximately $500 million more than was originally invested in the company.
Citigroup, Goldman, Sachs & Co., Morgan Stanley and Barclays are acting as joint global coordinators and joint book-running managers on the offering. Joint book-running managers also include BofA Merrill Lynch, Deutsche Bank Securities and J.P. Morgan.
The prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146; Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526, or by emailing [email protected]; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by calling (866) 718-1649, or by emailing [email protected]; and Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by emailing [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Ally Financial Inc.
Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.
With approximately $151.2 billion in assets as of Dec. 31, 2013, Ally operates as a financial holding company.
SOURCE Ally Financial
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