FORT WORTH, Texas — AmeriCredit announced late last week that it has priced an offering of subprime auto-asset backed securities under its receivables trust platform called AMCAR.

The offering is priced at $200 million and the underwriters include Credit Suisse and RBS. Net proceeds will used to provide long-term financing of receivables.

The securities will be issued via AmeriCredit Automobile Receivables Trust 2010-A in three classes of notes.

Note Class: A-1

Amount: $36 million

Average Life: 0.16 years

Price: 100.0000

Interest rate: 0.31327 percent

Standard & Poor's Rating: A-1+

Moody's Rating: Prime-1

Note Class: A-2

Amount: $71 million

Average Life: 0.99 years

Price: 99.99847

Interest Rate: 1.46 percent

S&P: AAA

Moody's: Aa3 

 
Note Class: A-3

Amount: $93 million

Average Life: 3.01 years

Price: 99.98805

Interest Rate: 3.51 percent

S&P: AAA

Moody's: Aa3

The weighted average coupon on the notes to be paid by AmeriCredit is 3.1 percent, the company noted.

Assured Guaranty Corp. will provide bond insurance for the transaction. Initial credit enhancements will total 18 percent of the original receivable pool balance building to the total required enhancement level of 25 percent of the then outstanding receivable pool balance. The initial 18 percent enhancement will consist of 2 percent cash and 16 percent overcollateralization, officials explained.

Meanwhile, discussing the deal, Assured Guaranty's senior managing director for structured finance said, "This is the first public asset-backed transaction we have guaranteed outside of the secondary market for some time and we look forward to increasing our participation in the resurgent ABS market.

Paul Livingstone added, "Further we are very pleased to be working with AmeriCredit, a long-time client whose track record reflects its strong market position and experienced management team."

Basically, the issue will be collateralized by about $238 million of loan financing automobiles, light duty trucks and vans. In addition to the overcollateralization, investors and AGC are protected in the transaction by excess cash flow, an interest spread account and limited cross-collateralization with certain other AmeriCredit transactions, AGC officials pointed out.

The AGC financial guaranty insurance policy will "unconditionally and irrevocably guarantee payments of interest and principal due on each insured distribution date," executives indicated.