Ally Amends IPO Filing
Ally Financial Inc. has filed an amended S-1 with the Securities and Exchange Commission, as the U.S. Treasury looks to sell shares in the mega-financier.
The Treasury, which pumped $17.2 billion into Ally during the credit crisis, owns $5.9 billion of preferred stock in the lender and 74% of Ally’s common equity.
“The amendment reflects the evolution of Ally’s strategic direction as the company exits the mortgage and international businesses, as well as updated financial information and responses to SEC comments received on the S-1,” a company spokeswoman told Auto Finance News. “Ally has made substantial progress on its strategic actions this year, and that is what is reflected in the updated amendment.“
Ally filed an initial IPO prospectus in March 2011, then scrapped its plans last year as it worked through issues related to its legacy mortgage business. Last week, mortgage subsidiary Residential Capital filed a bankruptcy-exit plan that would free Ally from any more obligations in the case.
With $67.3 billion of loans and leases outstanding at yearend 2012, Ally slipped past Toyota Motor Credit Corp. to claim the No. 1 spot in the 2013 Auto Finance Big Wheels ranking of top 100 car lenders and lessors.
Click here for the complete, revised S-1 filing.
Ally’s filing comes less than a week after Santander Consumer USA announced intentions to go public.
Ally Financial Inc. has filed an amended S-1 with the Securities and Exchange Commission, as the U.S. Treasury looks to sell shares in the mega-financier.
The Treasury, which pumped $17.2 billion into Ally during the credit crisis, owns $5.9 billion of preferred stock in the lender and 74% of Ally’s common equity.
“The amendment reflects the evolution of Ally’s strategic direction as the company exits the mortgage and international businesses, as well as updated financial information and responses to SEC comments received on the S-1,” a company spokeswoman told Auto Finance News. “Ally has made substantial progress on its strategic actions this year, and that is what is reflected in the updated amendment.“
Ally filed an initial IPO prospectus in March 2011, then scrapped its plans last year as it worked through issues related to its legacy mortgage business. Last week, mortgage subsidiary Residential Capital filed a bankruptcy-exit plan that would free Ally from any more obligations in the case.
With $67.3 billion of loans and leases outstanding at yearend 2012, Ally slipped past Toyota Motor Credit Corp. to claim the No. 1 spot in the 2013 Auto Finance Big Wheels ranking of top 100 car lenders and lessors.
Click here for the complete, revised S-1 filing.
Ally’s filing comes less than a week after Santander Consumer USA announced intentions to go public.
