FORT WORTH, Texas--(BUSINESS WIRE)--May 9, 2006--AMERICREDIT CORP.
(NYSE:ACF) announced today the pricing of a $1.2 billion offering of
automobile receivables-backed securities through lead managers Credit
Suisse and Lehman Brothers. Co-managers are Barclays Capital, Deutsche
Bank Securities, JPMorgan and Wachovia Securities. 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 2006-R-M, in three classes of Notes:
Note Class Amount Average Life Price Interest Rate
------------ --------------- -------------- ---------- ---------------
A-1 $448,000,000 1.50 years 99.99243 5.37%
A-2 552,000,000 2.80 years 99.98145 5.42%
A-3 200,000,000 4.04 years 99.96531 5.53%
---------------
$1,200,000,000
===============
The weighted average coupon on the Notes to be paid by AmeriCredit
is 5.4%.
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 AAA Aaa AAA
A-2 AAA Aaa AAA
A-3 AAA Aaa AAA
MBIA Insurance Corporation will provide bond insurance for this
transaction. Initial credit enhancement will total 9.5% of the
original receivable pool balance building to the total required
enhancement level of 15.0% of the then outstanding receivable pool
balance. The initial 9.5% enhancement will consist of 2.0% cash and
7.5% overcollateralization.
This transaction employs a revolving structure that will allow the
company to fund up to 50% of additional finance receivables within a
twelve-month period from closing, after which the amortization period
will commence.
This transaction represents AmeriCredit's 53rd securitization of
automobile receivables in which a total of more than $43 billion of
automobile receivables-backed securities has been issued.
Copies of the prospectus relating to this offering of
receivables-backed securities may be obtained from the 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.
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 approximately one million customers and $12 billion in
managed auto receivables. The Company was founded in 1992 and is
headquartered in Fort Worth, Texas. For more information, visit
www.americredit.com.
CONTACT: AmeriCredit Corp.
Investor Relations
Caitlin DeYoung, 817-302-7394
or
Media Relations
John Hoffmann, 817-302-7627
SOURCE: AmeriCredit Corp.