FORT WORTH, Texas — General Motors Financial Co. announced late last week that it has priced a private offering of $500 million worth of 6.75 percent senior notes due in 2018.

The notes will be offered only to qualified institutional buyers in accordance with Rule 144A and to non-U.S. persons under Regulation S under the Securities Act of 1933, officials noted. 

According to GM Financial, the notes offering is expected to close on or about June 1, 2011.

GM Financial noted that it plans to use approximately $71 million of the net proceeds from the offering to redeem its outstanding 8.5 percent senior notes due in 2015. The remaining net proceeds will be used for general corporate purposes, it added.

The aforementioned notes have not been registered under the Securities Act or any state securities laws and may not be offered or sold in the U.S. absent such registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.