AmeriCredit Announces $600 Million Senior Subordinate Asset-Backed Securitization
FORT WORTH, Texas--AMERICREDIT CORP. today announced the pricing of a $600 million offering of automobile receivables-backed securities through lead managers Barclays Capital and Deutsche Bank Securities. Co-managers are Credit Suisse, UBS Investment Bank and Wells Fargo 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 2010-1, in six classes of Notes:
| Note Class | Amount | Average Life | Price | Interest Rate | ||||
| A-1 | $132,600,000 | 0.23 years | 100.00000 | 0.29642% | ||||
| A-2 | 147,540,000 | 0.85 years | 99.99996 | 0.97% | ||||
| A-3 | 123,300,000 | 1.85 years | 99.99412 | 1.66% | ||||
| B | 75,864,000 | 2.73 years | 99.99726 | 3.72% | ||||
| C | 79,308,000 | 3.55 years | 99.98863 | 5.19% | ||||
| D | 41,388,000 | 3.84 years | 99.97619 | 6.65% | ||||
| $600,000,000 |
The weighted average coupon on the Notes to be paid by AmeriCredit is 3.7%.
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 | ||
| B | AA | Aa1 | ||
| C | A | A2 | ||
| D | BBB | Baa3 |
The 2010-1 transaction will have initial credit enhancement of 15.00%, consisting of a 2.00% cash deposit and 13.00% overcollateralization. Total required enhancement will build to 23.25% 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 approximately 800,000 customers and $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.