FORT WORTH, Texas, Oct. 7, 2008 --(BUSINESS WIRE)--AMERICREDIT CORP. (NYSE: ACF) announced the pricing of a $500
million offering of automobile receivables-backed securities on
October 6, 2008, 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, Wachovia Securities and Barclays 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 2008-1, in five classes of Notes:
Note Class Amount Average Life Price Interest Rate
----------------- ------------ ------------ --------- -------------
A-1 $100,000,000 0.21 years 100.00000 LIBOR + 1.00%
A-2 202,000,000 1.00 years 100.00000 LIBOR + 4.00%
A-3 74,046,000 2.48 years 100.00000 LIBOR + 5.00%
B 51,514,000 2.44 years Retained
C 72,440,000 1.34 years Retained
The Class A Notes will be placed with Deutsche Bank pursuant to
AmeriCredit's forward purchase agreement with Deutsche Bank AG, Cayman
Islands Branch. The weighted average coupon on the Class A Notes is
The Class B and Class C Notes will be retained by AmeriCredit and
pledged as collateral to secure borrowings under AmeriCredit's funding
facility with Wachovia Bank, N.A. The weighted average coupon of the
notes being pledged under this funding facility is 11.2%.
The 2008-1 transaction will have initial credit enhancement of
24.35% 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 24.35% enhancement will consist
of a 2.00% cash deposit and 22.35% 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 this offering of
receivables-backed securities 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
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 $15 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.
Caitlin DeYoung, 817-302-7394
Deborah Vestal, 817-302-7210
Source: AmeriCredit Corp.