AmeriCredit Corp. Expands Credit Facilities to More than $1 Billion.FORT WORTH, Texas--(BUSINESS WIRE)--July 1, 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 that it has expanded the size of its structured warehouse facility with 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. as funding agent with the inclusion of two additional financial institutions. Borrowings available under this facility, which matures March 2000, have been increased to $375 million from $150 million. AmeriCredit also has a $505 million structured warehouse facility with The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. as funding agent, a $115 million credit agreement led by Wells Fargo Bank and a C$20 million credit agreement for its Canadian operations provided by ScotiaBank. The Company's credit facilities are used to finance the purchase of automobile receivables prior to 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. . With the closing of the expanded $375 million facility, AmeriCredit has warehouse capacity totaling more than $1 billion. 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 http://www.americredit.com that contains further information on the Company. |
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