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AmeriCredit Announces $200 Million Asset-Backed Securitization

AMERICREDIT CORP. (NYSE: ACF) announced today the pricing of a $200 million offering of automobile receivables-backed securities under the AmeriCredit Automobile Receivables Trust (AMCAR) platform, which primarily includes subprime automobile loan contracts. The lead manager on the transaction is RBS. Co-managers are Credit Suisse, Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank. Net proceeds from securitization transactions will be used to provide long-term financing of receivables.

The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2010-B, in three classes of Notes:

Note Class

 

Amount

 

Average Life

 

Price

 

Interest Rate

A-1

$

36,800,000

0.18 years 100.00000 0.37690 %

A-2

$

69,000,000

0.99 years 99.99992 1.18 %

A-3

$

94,200,000

2.93 years 99.98317 2.49 %
$ 200,000,000

The weighted average coupon on the Notes to be paid by AmeriCredit is 2.2%.

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