AmeriCredit Announces $1,089,000,000 Asset-backed Securitization.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--April 18, 2001 AMERICREDIT CORP. (NYSE NYSE See: New York Stock Exchange :ACF (Advanced Communications Function) An earlier official product line name for IBM SNA programs, such as VTAM (ACF/VTAM) and NCP (ACF/NCP). ACF - Advanced Communications Function ) today announced the pricing of a $1,089,000,000 offering of automobile receivables-backed securities through Chase Securities Inc. and Deutsche Banc Alex. Brown.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2001-1, in seven classes of Notes:
Note Class Rating Amount Average Life Price Interest Rate
---------- ------ ------ ------------ ----- ------------
A-1 A-1+/P-1 $175,000,000 0.26 years 100.000 4.8075%
A-2 AAA/Aaa 348,000,000 1.00 years 99.992 4.63%
A-3 AAA/Aaa 304,750,000 2.18 years 99.996 5.13%
B AA/Aa3 99,000,000 3.12 years 99.974 5.81%
C A/A3 55,000,000 3.63 years 99.989 6.35%
D BBB+/Baa3 52,250,000 3.70 years 99.981 6.98%
E BB/Ba1 55,000,000 0.88 years 99.998 9.29%
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$1,089,000,000
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The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. rate due to security holders is 5.6%. The ratings will be provided by Standard & Poor's, Moody's Investor Service, Inc. and Fitch fitch: see polecat. IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals . This transaction is similar to the company's 2000-1 securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. in that it employs a combination of subordinated notes, overcollateralization and a reserve fund to support the ratings instead of bond insurance. This transaction represents AmeriCredit Corp.'s twenty-sixth securitization of automobile receivables in which a total of over $14.9 billion of automobile receivables-backed securities have been issued. AmeriCredit is the largest independent middle market automobile finance company in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. specializing in purchasing and servicing automobile loans. AmeriCredit maintains a Web site at www.americredit.com that contains further information on the Company. |
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