FORT WORTH, Texas--(BUSINESS WIRE)--April 11, 2007--AMERICREDIT
CORP. (NYSE: ACF) announced today the pricing of a $1.5 billion
offering of automobile receivables-backed securities through lead
managers Lehman Brothers, Deutsche Bank Securities and JPMorgan.
Co-managers are Barclays Capital, Credit Suisse 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 2007-B-F, in five classes of Notes:
Note Class Amount Average Life Price Interest Rate
A-1 $ 275,000,000 0.22 years 100.00000 5.3196%
A-2 $ 435,000,000 1.00 years 99.99370 5.31%
A-3-A $ 150,000,000 2.04 years 99.98095 5.16%
A-3-B $ 190,000,000 2.04 years 100.00000 LIBOR + 0.02%
A-4 $ 450,000,000 3.31 years 100.00000 LIBOR + 0.05%
$ 1,500,000,000
The weighted average coupon on the Notes to be paid by AmeriCredit
is 5.2%.
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 A-1+ Prime-1 F1+
A-2 AAA Aaa AAA
A-3-A AAA Aaa AAA
A-3-B AAA Aaa AAA
A-4 AAA Aaa AAA
Financial Security Assurance Inc. will provide bond insurance for
this transaction. Initial credit enhancement will total 9.0% of the
original receivable pool balance building to the total required
enhancement level of 13.0% of the then outstanding receivable pool
balance. The initial 9.0% enhancement will consist of 2.0% cash and
7.0% overcollateralization.
Since 1994 AmeriCredit has issued approximately $49 billion of
automobile receivables-backed securities.
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 and directly to consumers in the United States and Canada.
AmeriCredit has over one million customers and approximately $14
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.