WASHINGTON – The U.S. Department of the Treasury today announced that it has commenced an underwritten initial public offering of Ally Financial Inc. (Ally) common stock. Treasury is selling 95,000,000 shares of Ally common stock and has granted the underwriters an option to purchase an additional 14,250,000 of Treasury’s shares.
Treasury currently holds 177,311,010 shares, or approximately 37 percent, of common stock in the company. To date, Treasury has recovered approximately $15.3 billion, or approximately 89 percent of the $17.2 billion investment provided to Ally during the financial crisis.
A registration statement relating to these securities has been filed by Ally with the Securities and Exchange Commission 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.
Citigroup Global Markets Inc., Goldman, Sachs & Co., Morgan Stanley & Co. LLC, and Barclays Capital Inc. are serving as the global coordinators and joint book-running managers for this offering. Lazard is serving as Treasury's financial advisor with respect to the management and disposition of Treasury's investment in Ally.
Copies of the prospectus, which meets the requirements of Section 10 of the Securities Act of 1933, relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146; Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526, or by emailing email@example.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 by calling (866) 718-1649, or by emailing firstname.lastname@example.org; and Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the common stock, nor shall there be any offer, solicitation or sale of any common stock in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.