AmeriCredit Announces $227 Million Prime/Near-Prime Asset-Backed Securitization
FORT WORTH, Texas--AMERICREDIT CORP. today announced the pricing of a $227 million offering of automobile receivables-backed securities under the AmeriCredit Prime Automobile Receivables Trust (APART) platform, which represents loans originated through distribution channels the company has suspended. The lead managers are J.P. Morgan, RBS and Wells Fargo Securities. AmeriCredit will use the net proceeds from this securitization transaction to pay off debt outstanding on the Company’s prime/near-prime warehouse facility.
The securities will be issued via an owner trust, AmeriCredit Prime Automobile Receivables Trust 2009-1, in six classes of Notes:
|
Note Class |
Amount | Average Life | Price | Interest Rate | ||||
| A-1 | $58,000,000 | 0.25 years | 100.00000 | 0.33063% | ||||
| A-2 | 67,000,000 | 0.99 years | 99.99519 | 1.40% | ||||
| A-3 | 48,000,000 | 1.99 years | 99.98106 | 2.21% | ||||
| A-4 | 28,726,000 | 2.88 years | 99.97429 | 2.90% | ||||
| B | 13,988,000 | 3.42 years | 99.98596 | 3.76% | ||||
| C | 11,779,000 | 3.43 years | 99.97876 | 4.99% | ||||
| $227,493,000 | ||||||||
The weighted average coupon on the Notes to be paid by AmeriCredit is 2.7%.
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 | ||
| A-4 | AAA | Aaa | ||
| B | AA+ | Aa2 | ||
| C | A | A1 | ||
The APART 2009-1 transaction will have initial credit enhancement of 23.75%, consisting of a 1.00% cash deposit and 22.75% overcollateralization. Total required enhancement level will build to 31.25% of the then-outstanding receivable pool balance, which includes the initial 1.00% cash deposit.
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 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 approximately 900,000 customers and $10 billion in auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.