FORT WORTH, Texas, May 13, 2010 (BUSINESS WIRE) --AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of a $600
million offering of automobile receivables-backed securities through
lead managers Deutsche Bank Securities, J.P. Morgan and Wells Fargo
Securities. Co-managers are Credit Suisse, RBS and UBS Investment Bank.
AmeriCredit uses net proceeds from securitization transactions to
provide long-term financing of its receivables.
The securities will be issued via an owner trust, AmeriCredit Automobile
Receivables Trust 2010-2, in seven classes of Notes:
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Note Class
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Amount
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Average Life
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Price
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Interest Rate
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A-1
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$
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152,100,000
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0.21 years
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100.00000
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0.50068
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%
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A-2
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177,700,000
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0.99 years
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99.99523
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1.22
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%
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A-3
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76,600,000
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2.03 years
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99.98045
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1.71
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%
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B
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52,800,000
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2.66 years
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99.99645
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2.73
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%
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C
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65,600,000
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3.33 years
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99.96924
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4.52
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%
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D
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60,800,000
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3.87 years
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99.99259
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6.24
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%
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E
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14,400,000
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3.88 years
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99.96813
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8.66
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%
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$
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600,000,000
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The weighted average coupon on the Notes to be paid by AmeriCredit is
3.8%.
The Note Classes are rated by Standard & Poor's and Moody's Investors
Service. The ratings by Note Class are:
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Note Class
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Standard & Poor's
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Moody's
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A-1
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A-1+
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Prime-1
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A-2
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AAA
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Aaa
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A-3
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AAA
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Aaa
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B
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AA
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Aa1
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C
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A
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A1
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D
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BBB
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Baa3
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E
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BB
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Ba3
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The 2010-2 transaction will have initial credit enhancement of 8.25%,
consisting of a 2.00% cash deposit and 6.25% overcollateralization.
Total required enhancement will build to 15.25% of the then-outstanding
receivable pool balance, which includes the initial 2.00% cash deposit.
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 across
the United States. AmeriCredit has about 800,000 customers and
approximately $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