AmeriCredit Corp. Announces $900,000,000 Asset-Backed Securitization.FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 13, 1999-- 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 $900 million offering of automobile receivables-backed securities through Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Banc of America Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Chase Securities Inc., and Morgan Stanley Dean Witter. The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 1999-D, in three classes of Notes: -0-
Note Class Amount Average Life Price Interest Rate
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A-1 450,000,000 0.75 years 99.999742 6.41%
A-2 192,000,000 2.00 years 99.997332 6.79%
A-3 258,000,000 3.23 years 99.986847 7.02%
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$900,000,000
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The Notes will be rated AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. by Standard & Poor's and Aaa by Moody's. Principal and interest payments on the Notes are guaranteed by an insurance policy provided by Financial Security Assurance Inc. The transaction represents AmeriCredit Corp.'s nineteenth 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 $7.7 billion of automobile receivables-backed securities have been issued. AmeriCredit is a national consumer finance company specializing in purchasing, securitizing and servicing automobile loans and originating and selling mortgage loans. AmeriCredit maintains a Web site at www.americredit.com that contains further information on the Company. |
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