FORT WORTH, Texas, Mar 26, 2010 (BUSINESS WIRE) -- AMERICREDIT CORP. (NYSE: ACF) announced today the pricing of a $200
million offering of automobile receivables-backed securities under the
AmeriCredit Automobile Receivables Trust (AMCAR) platform, which
primarily includes subprime automobile loan contracts. The underwriters
on the transaction are Credit Suisse and RBS. 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 2010-A, in three classes of Notes:
|
Note Class
|
|
Amount
|
|
Average Life
|
|
Price
|
|
Interest Rate
|
|
A-1
|
|
$36,000,000
|
|
0.16 years
|
|
100.00000
|
|
0.31327%
|
|
A-2
|
|
$71,000,000
|
|
0.99 years
|
|
99.99847
|
|
1.46%
|
|
A-3
|
|
$93,000,000
|
|
3.01 years
|
|
99.98805
|
|
3.51%
|
|
|
$200,000,000
|
|
|
|
|
|
|
The weighted average coupon on the Notes to be paid by AmeriCredit is
3.1%.
The Note Classes are rated by Standard & Poor's Ratings Services and
Moody's Investors Service Inc. The ratings by Note Class are:
|
Note Class
|
|
Standard & Poor's
|
|
Moody's
|
|
A-1
|
|
A-1+
|
|
Prime-1
|
|
A-2
|
|
AAA
|
|
Aa3
|
|
A-3
|
|
AAA
|
|
Aa3
|
Assured Guaranty Corp. will provide bond insurance for this transaction.
Initial credit enhancement will total 18.0% of the original receivable
pool balance building to the total required enhancement level of 25.0%
of the then outstanding receivable pool balance. The initial 18.0%
enhancement will consist of 2.0% cash and 16.0% overcollateralization.
Copies of the prospectus relating to this offering of receivables-backed
securities may be obtained from the underwriters. 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.
AmeriCredit has approximately 800,000 customers and $9 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