FORT WORTH, Texas, Sept. 11, 2007 /PRNewswire-FirstCall/ -- AmeriCredit
Corp. (NYSE: ACF) announced today the pricing of a $1 billion offering of
automobile receivables-backed securities under the AmeriCredit Automobile
Receivables Trust (AMCAR) platform, which primarily includes subprime
automobile loan contracts. The lead managers on the transaction are Credit
Suisse, Lehman Brothers and UBS Investment Bank. The co-managers are Barclays
Capital, Deutsche Bank Securities and Wachovia Securities. 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 Automobile
Receivables Trust 2007-D-F, in seven classes of Notes:
Note Class Amount Average Life Price Interest Rate
---------- ------ ------------ ----- -------------
A-1 $ 184,000,000 0.22 years 100.00000 5.91393%
A-2-A $ 164,000,000 0.85 years 99.99960 5.66%
A-2-B $ 50,000,000 0.85 years 100.00000 LIBOR + 0.55%
A-3-A $ 232,000,000 1.80 years 99.99556 5.49%
A-3-B $ 40,000,000 1.80 years 100.00000 LIBOR + 0.65%
A-4-A $ 200,000,000 3.22 years 99.99108 5.56%
A-4-B $ 130,000,000 3.22 years 100.00000 LIBOR + 0.80%
---------------
$ 1,000,000,000
===============
The weighted average coupon on the Notes to be paid by AmeriCredit is
5.5%.
The Note Classes are rated by Standard & Poor's, Moody's Investors Service
and Fitch Inc. The ratings by Note Class are:
Note Class Standard & Poor's Moody's Fitch
---------- ----------------- ------- -----
A-1 A-1+ Prime-1 F1+
A-2-A AAA Aaa AAA
A-2-B AAA Aaa AAA
A-3-A AAA Aaa AAA
A-3-B AAA Aaa AAA
A-4-A AAA Aaa AAA
A-4-B AAA Aaa AAA
Financial Security Assurance Inc. will provide bond insurance for this
transaction. Initial credit enhancement will total 9.0% of the original
receivable pool balance building to the total required enhancement level of
13.0% of the then outstanding receivable pool balance. The initial 9.0%
enhancement will consist of 2.0% cash and 7.0% overcollateralization.
Copies of the prospectus relating to this offering of receivables-backed
securities may be obtained from the lead 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 $16 billion in managed auto receivables. The
Company was founded in 1992 and is headquartered in Fort Worth, Texas. For
more information, visit http://www.americredit.com.
SOURCE AmeriCredit Corp.
CONTACT:
Investor Relations,
Caitlin DeYoung,
+1-817-302-7394,
or Media
Relations, John Hoffmann,
+1-817-302-7627,
both for AmeriCredit Corp.
Web site: http://www.americredit.com