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AmeriCredit Expands Warehouse Capacity to $2.5 Billion With Three Year Medium Term Note Financing

19 December 2000

AmeriCredit Expands Warehouse Capacity to $2.5 Billion With Three Year Medium Term Note Financing

    FORT WORTH, Texas--Dec. 19, 2000--AmeriCredit Corp. announced today that it has closed a $500 million structured medium term note financing insured by MBIA Insurance Corporation. AmeriCredit will use the proceeds to finance auto receivables on a revolving basis through December 2003.
    AmeriCredit has $2.0 billion in other structured warehouse facilities. These facilities include a $525 million facility with The Chase Manhattan Bank as agent, a $500 million facility with Deutsche Bank AG as agent, a $375 million facility with Credit Suisse First Boston as agent, a $300 million facility with Barclays Bank PLC as agent, a $275 million facility with Bank of America, N.A. as agent, and a $30 million Cdn. credit agreement for its Canadian operations provided by ScotiaBank.
    The Company uses its warehouse facilities to finance the purchase of automobile receivables prior to securitization. AmeriCredit now has warehouse capacity totaling $2.5 billion.
    AmeriCredit is the largest independent middle market automobile finance company in North America specializing in purchasing and servicing automobile loans. AmeriCredit maintains a Web site at www.americredit.com that contains further information on the Company.