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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