FORT WORTH, Texas, Nov 24, 2008 (BUSINESS WIRE) -- AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of a $500
million 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 Deutsche Bank Securities, JP Morgan and RBS
Greenwich Capital. AmeriCredit uses net proceeds from securitization
transactions to provide long-term financing of its receivables.
The securities will be issued via an owner trust, AmeriCredit Automobile
Receivables Trust 2008-2, in five classes of Notes:
Note Class Amount Average Life Price Interest Rate
A-1 $ 113,000,000 0.18 years 100.00000 LIBOR + 1.00%
A-2 197,000,000 1.05 years 100.00000 LIBOR + 4.00%
A-3 66,774,000 2.56 years 100.00000 LIBOR + 5.00%
B 50,645,000 2.38 years 87.20870 10.75%
C 72,581,000 1.32 years 95.10296 13.15%
$ 500,000,000
The weighted average coupon on the Class A Notes is 6.80%. The Class B
and C Notes were structured to yield 18.00%.
The 2008-2 transaction will have initial credit enhancement of 24.50% of
the original receivable pool balance, building to the total required
enhancement level of 34.10% of the then-outstanding receivable pool
balance. The initial credit enhancement of 24.50% will consist of a
2.00% cash deposit and 22.50% 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
B AA Aa2
C A A3
Copies of the prospectus relating to the offering of the Class A Notes
may be obtained from the lead 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 across
the United States. AmeriCredit has over one million customers and
approximately $14 billion in auto receivables. The Company was founded
in 1992 and is headquartered in Fort Worth, Texas. For more information,
visit www.americredit.com.
SOURCE: AmeriCredit Corp.
AmeriCredit Corp.
Caitlin DeYoung, 817-302-7394