FORT WORTH, Texas — AmeriCredit announced late last week the pricing of a $600 million offering of automobile receivables-backed securities. This securitization is through lead managers Deutsche Bank Securities, J.P. Morgan and Wells Fargo Securities.

Executives mentioned that co-managers are Credit Suisse, RBS and UBS Investment Bank.

AmeriCredit explained that it plans to use net proceeds from securitization transactions to provide long-term financing of its receivables.

Officials said the securities will be issued through an owner trust — AmeriCredit Automobile Receivables Trust 2010-2. They will be issued in seven classes of notes: 

 Note Class  Amount  Average Life  Price  Interest Rate
 A-1  $152.1 million  0.21 years    100.00000  0.50068 percent
 A-2  $177.7 million  0.99 years  99.99523  1.22 percent
 A-3  $76.6 million  2.03 years    99.98045    1.71 percent
 B  $52.8 million  2.66 years  99.99645  2.73 percent
 C  $65.6 million  3.33 years    99.96924  4.52 percent
 D  $60.8 million  3.87 years  99.99259  6.24 percent
 E  $14.4 million  3.88 years  99.96813  8.66 percent

Executives pointed out that the weighted average coupon on the notes to be paid by AmeriCredit is 3.8 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  A1
 D  BBB  Baa3
 E  BB    Ba3

  
The initial credit enhancement of the 2010-2 transaction will be 8.25 percent. This will consist of a 2 percent cash deposit and 6.25 percent overcollateralization.

AmeriCredit said the total required enhancement will build to 15.25 percent of the then-outstanding receivable pool balance. This includes the initial 2 percent cash deposit.