FORT WORTH, Texas--(BUSINESS WIRE)--Jul. 7, 2009--
AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of a $725
million offering of automobile receivables-backed securities through
lead managers Credit Suisse and Deutsche Bank Securities. Co-managers
are Barclays Capital, J.P. Morgan, RBS, 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 2009-1, in five classes of Notes:
|
Note Class
|
|
|
Amount
|
|
|
Average Life
|
|
|
Price
|
|
|
Interest Rate
|
|
A-1
|
|
|
$
|
236,000,000
|
|
|
0.25 years
|
|
|
100.00000
|
|
|
0.8375%
|
|
A-2
|
|
|
|
166,000,000
|
|
|
0.91 years
|
|
|
99.99613
|
|
|
2.26%
|
|
A-3
|
|
|
|
164,560,000
|
|
|
1.95 years
|
|
|
99.99685
|
|
|
3.04%
|
|
B
|
|
|
|
66,200,000
|
|
|
2.89 years
|
|
|
99.98030
|
|
|
9.79%
|
|
C
|
|
|
|
92,240,000
|
|
|
3.33 years
|
|
|
99.99540
|
|
|
14.55%
|
|
|
|
|
$
|
725,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The weighted average coupon on the Notes to be paid by AmeriCredit is
7.5%.
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
|
|
|
A2
|
|
|
|
|
|
|
|
|
The 2009-1 transaction will have initial credit enhancement of 28.10%,
consisting of a 2.00% cash deposit and 26.10% overcollateralization.
Total required enhancement level will build to 38.00% 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 one million customers
and $12 billion in auto receivables. The Company was founded in 1992 and
is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.
Source: AmeriCredit Corp.
AmeriCredit Corp.
Caitlin DeYoung, 817-302-7394
