AmeriCredit Announces a $1.5 Billion Asset-Backed Securitization.FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- 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 ) announced today the pricing of a $1.5 billion offering of automobile receivables-backed securities under the AmeriCredit Automobile Receivables Trust (AMCAR AMCAR American Car Club of Norway AMCAR American Car Acquisition Resources ) platform, which primarily includes subprime automobile loan contracts. The lead managers on the transaction are Barclays Capital, Credit Suisse and Deutsche Bank Securities. The co-managers are JPMorgan, Lehman Brothers, RBS Greenwich Capital 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 2007-C-M, in six classes of Notes: [TABLE OMITTED] 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. on the Notes to be paid by AmeriCredit is 5.5%. The Note Classes are rated by Standard & Poor's, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and Fitch Inc. The ratings by Note Class are: [TABLE OMITTED] MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation will provide bond insurance for this transaction. Initial credit enhancement will total 9.0% of the original receivable pool balance building to the total required enhancement level of 13.0% of the then outstanding receivable pool balance. The initial 9.0% enhancement will consist of 2.0% cash and 7.0% overcollateralization. Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the lead managers and co-managers. 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 State. About AmeriCredit AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. AmeriCredit has over one million customers and approximately $15 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com. |
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