Ally Financial Inc. closed a $1 billion public offering of 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D, on May 1, 2026, following filing of the Certificate of Designation on April 29, 2026.
Key takeaways
Issued 1,000,000 shares of Series D Preferred Stock at $1,000 per share public offering price.
Underwriters purchased shares at $10 per share discount from public price.
Dividends at 7.100% fixed rate until August 15, 2031, then reset to 5-year Treasury + 3.148%.
Perpetual stock redeemable at Ally's option after August 15, 2031 or within 90 days of regulatory capital treatment event.
Ranks senior to common stock, on parity with Series B and Series C Preferred Stock for dividends and liquidation.
No voting rights except for certain changes to terms or dividend non-payments.