FORT WORTH, Texas — Late last week, AmeriCredit Corp. announced the pricing of a $600 million offering of automobile receivables-backed securities. This securitization is through lead managers Barclays Capital and Deutsche Bank Securities.

Credit Suisse, UBS Investment Bank and Wells Fargo Securities are co-managers.

AmeriCredit explained that net proceeds from securitization transactions are used to provide long-term financing of its receivables.

Officials said the securities will be issued through an owner trust – AmeriCredit Automobile Receivables Trust 2010-1. They will be issued in six classes of notes:

Note Class Amount  Average Life  Price  Interest Rate 
A-1  $132.6 million  0.23 years  100.00000  0.29642 percent 
A-2  $147.54 million  0.85 years  99.99996  0.97 percent 
A-3  $123.3 million  1.85 years  99.99412  1.66 percent 
B  $75.864 million  2.73 years  99.99726  3.72 percent 
C   $79.308 million  3.55 years  99.98863  5.19 percent 
D  $41.388 million  3.84 years  99.97619  6.65 percent 

Executives explained that the weighted average coupon on the Notes to be paid by AmeriCredit is 3.7 percent.

Continuing on, Standard & Poor's and Moody's Investors Service rated the Note Classes as follows:

Note Class  Standard & Poor's  Moody's 
A-1  A-1+  Prime-1 
A-2  AAA  Aaa 
A-3  AAA  Aaa 
B  AA  Aa1 
C  A  A2 
D  BBB  Baa3 

The initial credit enhancement of the 2010-1 transaction will be 15 percent. This will consists of a 2 percent cash deposit and 13 percent overcollateralization.

AmeriCredit said the total required enhancement will build to 23.25 percent of the then-outstanding receivable pool balance. This includes the initial 2 percent cash deposit.