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GMAC Capital Trust I, 8.125% Fixed Rate/Floating Rate Trust Pfd Sec, Series 2
Ticker Symbol: ALLY-A* CUSIP: 361860208 Exchange: NYSE
* NOTE: This security is no longer trading as of 10/15/2021
Security has been Called for: Friday, October 15, 2021
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Sept. 15, 2021 -- Ally Financial Inc. (NYSE: ALLY) announced today that GMAC Capital Trust I, a subsidiary trust of Ally (the "Trust"), is redeeming (i) 7,650,000 units of its 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 (CUSIP No. 361860208) (the "TRUPS") (constituting all of the outstanding TRUPS) at a par price of $25.00 per unit, plus accrued interest payable from August 16, 2021, through the redemption date (which will be based on an annual rate equal to three-month LIBOR, determined as of August 12, 2021, or 0.12475%, plus 5.785%), and (ii) 229,500 units of its 8.125% Fixed Rate/Floating Rate Common Securities, Series 2 (the "Common Securities") (constituting all of the outstanding Common Securities) at a par price of $25.00 per unit, plus all accrued and unpaid distributions thereon through the redemption date. The redemption date will be October 15, 2021. June 2, 2021 -- Ally Financial Inc. (NYSE: ALLY) announced today that GMAC Capital Trust I, a subsidiary trust of Ally (the "Trust"), is redeeming (i) 41,600,000 units of its 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 (CUSIP No. 361860208) (the "TRUPS") (constituting approximately 84.467% of the outstanding TRUPS) at a par price of $25.00 per unit, plus accrued interest payable from May 17, 2021, through the redemption date (which will be based on an annual rate equal to three-month LIBOR, determined as of May 13, 2021, or 0.15588%, plus 5.785%), and (ii) 1,248,000 units of its 8.125% Fixed Rate/Floating Rate Common Securities, Series 2 (the "Common Securities") (constituting approximately 84.467% of the outstanding Common Securities) at a par price of $25.00 per unit, plus all accrued and unpaid distributions thereon through the redemption date. The redemption date will be July 2, 2021, for the Securities called for redemption. April 22, 2021 -- Ally Financial Inc. (NYSE: ALLY) announced today that GMAC Capital Trust I, a subsidiary trust of Ally (the "Trust"), is redeeming (i) 56,000,000 units of its 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 (CUSIP No. 361860208) (the "TRUPS") (constituting approximately 53.206651% of the outstanding TRUPS) at a par price of $25.00 per unit, plus accrued interest payable from May 15, 2021, through the redemption date (which will be based on an annual rate equal to three-month LIBOR, to be determined as of May 13, 2021, plus 5.785%), and (ii) 1,680,000 units of its 8.125% Fixed Rate/Floating Rate Common Securities, Series 2 (the "Common Securities") (constituting approximately 53.206651% of the outstanding Common Securities) at a par price of $25.00 per unit, plus all accrued and unpaid distributions thereon through the redemption date. Ally is also redeeming 57,680,000 units of its 8.125% Fixed Rate/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2040 (the "Debentures" and, together with the TRUPS and Common Securities, the "Securities") (constituting approximately 53.206651% of the outstanding Debentures) held by the Trust at a par price of $25.00 per unit, plus all accrued and unpaid dividends through the redemption date. The redemption date will be May 24, 2021. This security is possibly subject to an early call as a result of the occurrence of a Regulatory Capital Event (see prospectus for further information) stemming from the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. ____________ The United States Department of the Treasury sold the 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2 of GMAC Capital Trust I on 3/3/2011 and the company did not receive any proceeds from the sale. ____________ GMAC LLC changed to GMAC Inc. on 6/29/2009 and GMAC Inc. changed to Ally Financial Inc. on 5/7/2010.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: GMAC Capital Trust I, 8.125% Fixed Rate/Floating Rate Trust Preferred Securities, Series 2, liquidation amount $25 per share, guaranteed by Ally Financial Inc. (See our definition of Guaranteed in our Glossary of Income Investing Terms for the technicalities of the guarantee), redeemable at the issuer's option on or after 2/15/2016 at $25 per share plus accrued and unpaid dividends, and maturing 2/15/2040. Cumulative fixed rate distributions of 8.125% ($2.03125) per annum are paid quarterly on 2/15, 5/15, 8/15 & 11/15 through 2/15/2016 to holders of record on the record date which is 15 days prior to the payment date or the date fixed by the administrative trustee not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). From 2/15/2016 floating rate distributions are paid at an annual rate equal to the three-month LIBOR plus 5.785%. Dividends paid by trust preferred securities are derived from interest paid to the underlying debt securities and therefore are NOT eligible for the 15% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. The company has the right, at any time, to defer dividend payments for up to 20 consecutive quarters (but not beyond the maturity date). The trust's assets consist of the 8.125% Fixed Rate/Floating Rate Junior Subordinated Deferrable Interest Debentures due 2040 which were purchased from the company using the funds generated from the sale of the trust preferred securities. See the IPO prospectus for further information on the trust preferred securities by clicking on the ‘Link to IPO Prospectus’ provided below.
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Go to Parent Company's Record (ALLY)
IPO - 3/3/2011 - 106.68 Million Shares @ $25.00/share.
Link to IPO Prospectus
Market Value $2.7 Billion
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: Ally Detroit Center, 500 Woodward Ave., Floor 10, Detroit, Michigan 48226 |
| Main Phone Number |
866-710-4623 |
| Fax Number |
Not Available |
| Investor Relations
Daniel Eller
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704-444-5216
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| Toll Free Phone Number |
866-710-4623 |
| CEO - Jeffrey Brown |
CFO - Jennifer LaClair |
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