Company announces $1 billion senior subordinate asset-backed securitization
FORT WORTH, Texas--(BUSINESS WIRE)--May 23, 2007--AMERICREDIT
CORP. (NYSE: ACF) announced today the pricing of a $1 billion offering
of automobile receivables-backed securities through lead managers
JPMorgan and Wachovia Securities. Co-managers are BMO Capital Markets,
Barclays Capital and UBS Investment Bank. This represents
AmeriCredit's first securitization under its prime/near-prime retail
auto loan securitization platform, AmeriCredit Prime Automobile
Receivables Trust. Net proceeds from securitization transactions will
be used to provide long-term financing of receivables.
The securities will be issued via an owner trust, AmeriCredit
Prime Automobile Receivables Trust 2007-1, in eight classes of Notes:
Note Class Amount Average Life Price Interest Rate
---------- --------------- ------------ ---------- -------------
A-1 $ 155,000,000 0.27 years 100.00000 5.32233%
A-2 320,000,000 0.95 years 99.99584 5.34%
A-3 210,000,000 1.90 years 99.99827 5.27%
A-4 186,800,000 2.83 years 100.00000 LIBOR + 0.03%
B 35,190,000 3.50 years 99.98092 5.35%
C 32,680,000 3.52 years 99.98652 5.43%
D 35,190,000 3.52 years 99.96915 5.62%
E 25,140,000 2.15 years 99.99696 6.96%
--------------
$1,000,000,000
===============
The weighted average coupon on the Notes is 5.4%.
The 2007-1 transaction will have initial credit enhancement of
1.5% of the original receivables pool balance, building to the total
required enhancement level of 4.5% of the then-outstanding receivables
pool balance. The initial 1.5% enhancement will consist of a 1.0% cash
deposit and 0.5% overcollateralization.
The Note Classes are rated by Standard & Poor's and Moody's
Investors Service. The ratings by Note Class are:
Note Class Standard & Poor's Moody's
---------- ----------------- -----------
A-1 A-1+ Prime-1
A-2 AAA Aaa
A-3 AAA Aaa
A-4 AAA Aaa
B AA Aa2
C A A1
D BBB+ Baa2
E BB Ba2
Copies of the prospectus relating to this offering of
receivables-backed securities may be obtained from the managers and
co-managers. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the securities described in
this press release, nor shall there be any sale of these securities in
any State in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws
of any such State.
About AmeriCredit
AmeriCredit Corp. is a leading independent automobile finance
company that provides financing solutions indirectly through auto
dealers and directly to consumers in the United States and Canada.
AmeriCredit has over one million customers and approximately $15
billion in managed auto receivables. The Company was founded in 1992
and is headquartered in Fort Worth, Texas. For more information, visit
www.americredit.com.
CONTACT: AmeriCredit Corp.
Investor Relations:
Caitlin DeYoung, 817-302-7394
or
Media Relations:
John Hoffmann, 817-302-7627
SOURCE: AmeriCredit