DETROIT — On Monday, Ally Financial rolled out an exchange offer for its outstanding 8-percent Senior Guaranteed Notes due 2020.  

Back in March, the company had initially issued a principal amount of these old notes totaling $1.9 billion in two private offerings. These notes form a single series, officials explained. Ally conducted the private offerings on March 15 and March 25.

"In connection with the sale of the old notes, Ally entered into a registration rights agreement in which it undertook to offer to exchange the old notes for new notes registered under the Securities Act of 1933, as amended," the company stated.

"Pursuant to an effective registration statement on Form S-4, filed with the Securities and Exchange Commission, holders of the old notes will be able to exchange the old notes for new notes in an equal principal amount," it added.

The new and old notes are essentially identical, officials noted. What makes the new notes different, though, is that they have been registered under the Securities Act. Moreover, there is no legend restricting transfer on the new notes.

Additionally, the new notes are not subject to the registration rights and additional interest provisions that old note holder were under.

Unless the company extends or terminates the offer, it is set to end at 8 a.m. (EST) on Dec. 8.

Those interested in making tenders of the old notes must do so before the aforementioned deadline. Tenders can be pulled out before the deadline, as well.

Various offer-related documents such as the prospectus and associated letter of transmittal have been filed with the SEC. To acquire them, contact information agent Global Bondholder Services Corp. at the following address:

65 Broadway — Suite 404
New York, New York 10006

To reach the information agent by phone, call (866) 794-2200.

"This announcement is neither an offer to buy nor a solicitation of an offer to sell any of the company's securities," officials stressed.

"The exchange offer is being made only pursuant to the exchange offer documents, which have been filed with the SEC, and include the prospectus and letter of transmittal that are being distributed to holders of the old notes," they added.