FORT WORTH — AmeriCredit Corp. announced Wednesday the pricing of a $725 million offering of automobile receivables-backed securities through lead managers Credit Suisse and Deutsche Bank Securities.

Co-managers are Barclays Capital, J.P. Morgan, RBS and Wells Fargo Securities.

Basically, AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of its receivables.

The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2009-1, in five classes of Notes:

Note Class

 

 

Amount

 

 

Average Life

 

 

Price

 

 

Interest Rate

A-1

 

 

$

236,000,000

 

 

0.25 years

 

 

100.00000

 

 

0.8375%

A-2

 

 

 

166,000,000

 

 

0.91 years

 

 

99.99613

 

 

2.26%

A-3

 

 

 

164,560,000

 

 

1.95 years

 

 

99.99685

 

 

3.04%

B

 

 

 

66,200,000

 

 

2.89 years

 

 

99.98030

 

 

9.79%

C

 

 

 

92,240,000

 

 

3.33 years

 

 

99.99540

 

 

14.55%

The weighted average coupon on the Notes to be paid by AmeriCredit is 7.5 percent.

The Note Classes are rated by Standard & Poor's and Moody's Investors Service. The ratings by Note Class are:

Standard & Poor's

A-1: A-1+

A-2: AAA

A-3: AAA

B: AA

C: A

Moody's

A-1: Prime-1

A-2: Aaa

A-3: Aaa

B: Aa2

C: A2

The 2009-1 transaction will have initial credit enhancement of 28.10 percent, consisting of a 2-percent cash deposit and 26.10-percent overcollateralization. Total required enhancement level will build to 38 percent of the then-outstanding receivable pool balance, which includes the initial 2-percent cash deposit, officials noted.