FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 30, 2009--
AMERICREDIT CORP. (NYSE: ACF) 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.
Source: AmeriCredit Corp.
AmeriCredit Corp.
Caitlin DeYoung, 817-302-7394
