DETROIT — Ally Financial today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for a proposed initial public offering.

The offering will consist of common stock to be sold by the U.S. Department of the Treasury. The number of shares to be offered, the price range and timing for the proposed offering have not yet been determined.  

Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Morgan Stanley & Co. Incorporated are acting as the joint global coordinators and joint book-running managers of the offering.

When available, copies of the preliminary prospectus relating to the offering may be obtained for free by visiting the SEC website at http://sec.gov, officials noted. Alternatively, the preliminary prospectus may be obtained by contacting:

Citi, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220, telephone: (800) 831-9146, email: batprospectusdepartment@citi.com

Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316 or by emailing prospectus-ny@ny.email.gs.com

J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York  11717, telephone (866) 803-9204

Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone (866)718-1649, or by sending email to prospectus@morganstanley.com

"A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective," officials stressed.

Ally Refinances $15 Billion in Credit Facilities to Support Auto Business 

Ally Financial also revealed this week it has completed the refinancing of $15 billion in credit facilities at both the parent company and at its banking subsidiary, Ally Bank, with a syndicate of 21 lenders.

Officials explained the secured facilities can be used to fund retail, lease and dealer floor plan auto assets in the U.S. and Canada.  

Management indicated the $15 billion funding capacity is comprised of two $7.5 billion facilities, one of which is available to the parent company, Ally Financial, and its Canadian subsidiaries. The second is available to Ally Bank. 

The company said each new facility will have half the capacity maturing in two years and the other half maturing in 364 days. The two credit lines replace facilities at both Ally Financial and Ally Bank that were due to mature in the second quarter of this year.   

"The new facilities are part of our diversified funding strategy and offer additional liquidity to support key areas of the automotive finance business," stated Ally treasurer Jeffrey Brown.

"Continued progress in Ally's business performance coupled with favorable market conditions enabled us to refinance these key facilities at more favorable terms compared to prior years," Brown added.