General Motors has raised $1 billion in a sale of fixed rate perpetual preferred stock of Ally Financial. The shares represent 100% of the lender’s series A preferred stock outstanding. After the preferred share sale, GM’s investment in Ally Financial will consist of a 9.9% interest in common stock. Credit Suisse, BofA Merrill Lynch, Deutsche Bank Securities and Barclays Capital were the lead underwriters of the sale.
Click here for the release from PR Newswire.