General Motors Company enlisted service-disabled veteran-owned broker-dealer Mischler Financial Group as part of a select group of diversity-certified broker-dealers, to help place a two-part Green Senior Unsecured Notes Offering to the primary debt capital markets and raised $2.25bil for which the company intends to use the net proceeds to finance or refinance, in whole or in part, eligible projects described in GM’s Sustainable Finance Framework. The two-part transaction was comprised of a 7-year and 10-year tranche
The underwriting was led by Morgan Stanley, who guided General Motors’ treasury team on the selection of diversity BDs that served as active co-managers within the underwriting consortium.
On the same day, Morgan Stanley further engaged the diversity broker-dealer community to place $1.bil of PerpNCG $25 preferred shares. The offering anticipated the sale of $250mil yet was nearly 6x oversubscribed and at first, was priced to yield 6.875-7.00%. The overwhelming demand for the shares resulted in upsizing the offering to $1bil (40mm shares) and a final price-to-yield of 6.50%.