AmeriCredit Announces $200 Million Asset-
March 26, 2010 05:19 PM Eastern Daylight Time
FORT WORTH, Texas--(EON: Enhanced Online News)--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 underwriters on the transaction are Credit Suisse and RBS. 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-A, in three classes
The weighted average coupon on the Notes to be paid by AmeriCredit is 3.1%.
The Note Classes are rated by Standard & Poor’s Ratings Services and Moody’s Investors Service Inc. The ratings
by Note Class are:
Assured Guaranty Corp. will provide bond insurance for this transaction. Initial credit enhancement will total 18.0%
of the original receivable pool balance building to the total required enhancement level of 25.0% of the then
outstanding receivable pool balance. The initial 18.0% enhancement will consist of 2.0% cash and 16.0%
Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the
underwriters. 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
AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly
through auto dealers. AmeriCredit has approximately 800,000 customers and $9 billion in auto receivables. The
Company was founded i