AmeriCredit Corp. Announces $495,000,000 Asset-Backed Securitization.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Nov. 1, 2000 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 $495,000,000 offering of automobile receivables-backed securities through Deutsche Banc Alex. Brown and Chase Securities Inc. The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed Trust 2000-1, in seven classes of Notes:
Note Class Rating Amount Average Life Price Interest Rate
---------- ------ ------ ------------ ----- -------------
A-1 A-1+/P-1 $80,000,000 0.20 years 100.000 6.757%
A-2 AAA/Aaa 174,000,000 1.00 years 99.993 6.700%
A-3 AAA/Aaa 119,250,000 2.17 years 99.982 6.740%
B AA/Aa3 45,000,000 2.98 years 99.989 7.160%
C A/A3 25,000,000 3.41 years 99.993 7.440%
D BBB+/Baa3 25,000,000 3.64 years 99.986 8.220%
E BB/Ba1 26,750,000 1.11 years 99.999 10.680%
----------
$495,000,000
============
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 7.2%. The ratings will be provided by Standard & Poor's and Moody's Investor Service, Inc. Unlike the ratings for AmeriCredit's prior twenty-two securitizations that relied on bond insurance to provide credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing , this transaction employs a combination of subordinated notes, overcollateralization and a reserve fund to support the ratings. This transaction represents AmeriCredit Corp.'s twenty-third 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. of automobile receivables in which a total of over $11.7 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion