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AmeriCredit Announces $850 Million Senior Subordinate Asset-Backed Securitization

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%.

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