AmeriCredit Announces $850 Million Senior Subordinate Asset-Backed Securitization
September 15 2010 - 2:04PM
Business Wire
AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of an
$850 million offering of automobile receivables-backed securities
through lead managers Barclays Capital, UBS Investment Bank and
Wells Fargo Securities. Co-managers are Credit Suisse, J.P. Morgan
and RBS. AmeriCredit uses net proceeds from securitization
transactions for long-term financing of its receivables.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2010-3, in six classes of Notes:
Note Class Amount Average Life
Price Interest Rate A-1 $ 123,000,000 0.20 years
100.00000 0.31125% A-2 281,000,000 0.90 years 99.99843 0.77% A-3
194,251,000 2.12 years 99.98484 1.14% B 71,995,000 2.95 years
99.97365 2.04% C 93,361,000 3.59 years 99.99119 3.34% D
86,393,000 3.96 years 99.98249 4.98% $ 850,000,000
The weighted average coupon on the Notes to be paid by
AmeriCredit is 2.5%.
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 Aa1 C A A1 D
BBB Baa2
The 2010-3 transaction will have initial credit enhancement of
10.50%, consisting of a 2.00% cash deposit and 8.50%
overcollateralization. Total required enhancement will build to
19.20% 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 about 800,000
customers and approximately $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.
On July 22, 2010, AmeriCredit and General Motors (GM) announced
they have entered into a definitive agreement for GM to acquire
AmeriCredit. Under the terms of the agreement, which has been
approved by both companies’ boards of directors, at closing,
AmeriCredit shareholders will receive $24.50 in cash for each share
of stock held as of the transaction closing date. The transaction
is expected to close by the end of the fourth quarter of calendar
2010, pending certain closing conditions, including the approval of
AmeriCredit shareholders.
In connection with the proposed merger, AmeriCredit has filed a
definitive proxy statement with the Securities and Exchange
Commission (the “SEC”). INVESTORS AND SECURITY HOLDERS ARE ADVISED
TO READ THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT
INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER.
Investors and security holders may obtain a free copy of the proxy
statement and other relevant documents filed with the SEC from the
SEC’s web site at http://www.sec.gov. Investors and security
holders and other interested parties can also obtain, free of
charge, a copy of the proxy statement and other relevant documents
by directing a request by mail or telephone to Investor Relations,
AmeriCredit Corp., 801 Cherry Street, Suite 3500, Fort Worth, Texas
76102, telephone (800) 644-2297, or from AmeriCredit’s web site at
www.AmeriCredit.com.
AmeriCredit and its directors, executive officers and other
members of its management and employees may be deemed to be
participants in the solicitation of proxies from AmeriCredit’s
shareholders with respect to the merger. Information about
AmeriCredit’s directors and executive officers and their ownership
of AmeriCredit’s common stock is set forth in AmeriCredit’s
definitive Proxy Statement on Schedule 14A filed on September 1,
2010. Shareholders and investors may obtain additional information
regarding the interests of AmeriCredit and its directors and
executive officers in the merger, which may be different from those
of AmeriCredit’s shareholders generally, by reading the proxy
statement and other relevant documents regarding the merger.
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