General Motors Auto Credit (NYSE: GE) sold $1.5 billion worth of 10-year senior unsecured notes on Wednesday, according to an un-named source familiar with the sale.
The 8.00% notes were priced at 98.320 to yield 8.25% or 453.2 basis points over comparable U.S. Treasury notes.
The join-book managers on the sale included Bank of America owned Merrill Lynch, Citigroup, Deutsche Bank and Morgan Stanley.
The news of the sale comes after a Congressional panel criticized the U.S. Treasury for the $17 billion bailout of GMAC as the company dealt with a collapsing mortgage market in 2008 and 2009. The Congressional panel on the Troubled Asset Relief Program said that the government could have organized a strategic bankruptcy for the company, saving taxpayers from bailing out the company.
