Ally Financial completed a $1 billion underwritten public offering of 7.1% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock.
The proceeds of the offering, along with cash on hand, will be used to redeem all 1.35 million of the outstanding shares of Ally’s 4.7% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock.
One of the largest full-service automotive-finance operations in the country, Ally is a digital financial services company with $197.3 billion in assets as of March 31, 2026.
The S&C team representing Ally on the offering included Cathy Clarkin, Cameron Teschuk, Selina Keller and Jordan Dyer. Eric Wang, Saul Brander, Stephen Profeta and Julia Fleurantin advised on tax matters. Sizhuang Miao advised on ERISA matters. Kirsten Rodger, Anna McLaughlin and trainee solicitor Trinity Batt advised on UK- and EU-law related matters.