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Ally Financial redeems debentures.

BANKING AND CREDIT NEWS-June 2, 2014--Ally Financial redeems debentures

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2 June 2014 -- Detroit US-based Ally Financial Inc (NYSE: ALLY) said that it will exercise its right to redeem all of its 10.30% deferred interest debentures due June 15 2015.

The redemption date will be June 30, 2014. The holders of Redeemed notes will receive USD 2,300.00 of principal amount per note, plus USD 7,473.07 of interest amount per note.

According to Ally, the aggregate principal amount of redeemed notes, plus such portion of the interest that has accrued on a straight-line basis, is USD 9,773.07 for each USD 10,000.00 of accreted amount per note due at maturity, resulting in total proceeds due of approximately USD 536.2m.

Beneficial holders of the redeemed notes should direct any questions to their respective brokerage firm or financial institution which holds interests in the Redeemed notes on their behalf.

The Bank of New York Mellon (NYSE: BK) is the trustee and paying agent with respect to the Redeemed Notes.

Ally Financial is an automotive financial services company powered by a direct banking franchise.

The firm'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, offers certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking.

Find out more at www.ally.com.

1 USD = 0.60 GBP

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Publication:M2 Banking & Credit News (BCN)
Date:Jun 2, 2014
Words:273
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