FORT WORTH, Texas, April 17, 2008, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- AMERICREDIT
CORP. (NYSE: ACF) announced today that it has entered into a one year, $2
billion forward purchase commitment agreement with Deutsche Bank AG, Cayman
Islands Branch ("Deutsche"). Under this agreement and subject to certain
terms, Deutsche will purchase triple-A rated asset-backed securities in
registered public offerings on the Company's subprime AmeriCredit Automobile
Receivables Trust (AMCAR) securitization platform. In connection with this
agreement, the Company has issued to an affiliate of Deutsche warrants to
purchase 7.5 million shares of the Company's common stock. The warrants may
be exercised on or before April 15, 2015, at $12.01 per share.
"This agreement is a positive step in our pursuit of securitization
opportunities in this challenging capital markets environment," said Dan
Berce, AmeriCredit's President and Chief Executive Officer. AmeriCredit uses
net proceeds from securitization transactions to provide long-term financing
of its receivables.
AmeriCredit Corp. is a leading independent automobile finance company that
provides financing solutions indirectly through auto dealers in the United
States and Canada. AmeriCredit has over one million customers and more than
$16 billion in managed auto receivables. The Company was founded in 1992 and
is headquartered in Fort Worth, Texas. For more information, visit
SOURCE AmeriCredit Corp.