AmeriCredit Corp. Announces Completion of Public Stock Offering.FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 19, 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 ) today announced the completion of a follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. of 8,000,000 shares of Common Stock at a price of $12.8125 per share. The Company has also granted the Underwriters an option to purchase up to an additional 1,200,000 shares to cover over-allotments, if any. The underwriting will be managed by a group led by BancBoston Robertson Stephens Inc., Salomon Smith Barney Inc., and U.S. Bancorp Piper Jaffray Inc. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the offering will be used to increase the amount of automobile and other loans the Company can acquire, originate and hold for pooling and sale in the asset-backed securities market, support 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. transactions and for other working capital needs and general corporate purposes. The Company may use the net proceeds to reduce its balances under its warehouse facilities, its credit agreement, and its mortgage subsidiary credit agreement. 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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction. A final prospectus Final Prospectus A legal document stating the price of a newly issued security, the delivery date, and other facts that are important for investors. Notes: The final prospectus must be given to every investor who purchases a new issue of registered securities. relating to the offering may be obtained from BancBoston Robertson Stephens Inc. at 555 California St., San Francisco, CA 94104 (415) 781-9700; Salomon Smith Barney, 388 Greenwich Street, N.Y., NY 10013; or U.S. Bancorp Piper Jaffray, 222 South Ninth Street, Minneapolis, MN, 55402. |
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