FORT WORTH, Texas — Late last week, AmeriCredit Corp. announced the pricing of a $227 million offering of automobile receivables-backed securities, which are part of the AmeriCredit Prime Automobile Receivables Trust program.

Basically, APART represents loans that have been originated via distribution channels that AmeriCredit has suspended.

J.P. Morgan, RBS and Wells Fargo Securities will serve as lead managers. Net proceeds from the securitization transaction will be put toward reducing debt outstanding on AmeriCredit's prime/near-prime warehouse facility.

The owner trust, AmeriCredit Prime Automobile Receivables Trust 2009-1, will issue securities in six classes of notes.

Note Class  Amount  Average Life  Price  Interest Rate 
A-1  $58 million  0.25 years 100.00000  0.33063 percent 
A-2  $67 million  0.99 years  99.99519  1.40 percent 
A-3  $48 million  1.99 years  99.98106 2.21 percent 
A-4  $28.726 million  2.88 years  99.97429  2.90 percent 
B  $13.988 million  3.42 years  99.98596  3.76 percent 
C   $11.779 million  3.43 years  99.97876  4.99 percent 

Officials noted that the weighted average coupon on the Notes to be paid by AmeriCredit is 2.7 percent.

Standard & Poor's and Moody's Investors Services rated the Note Classes as follows:

Standard & Poor's

A-1:  A-1+

A-2: AAA

A-3: AAA

A-4: AAA

B: AA+

C: A

Moody's

A-1: Prime-1

A-2: Aaa

A-3: Aaa

A-4: Aaa

B: Aa2

C: A1

The initial credit enhancement for the APART 2009-1 transaction will be 23.75 percent. This will consist of a 1-percent cash deposit and 22.75-percent overcollateralization.

The total required enhancement level will build to 31.25 percent of the then-outstanding receivable pool balance. This includes the initial 1-percent cash deposit.