AmeriCredit Reveals Another Securitization
FORTH WORTH, Texas — On Wednesday, AmeriCredit announced the pricing of an $850 million offering of auto asset-backed securities through lead managers Barclays Capital, UBS Investment Bank and Wells Fargo Securities.
Co-managers include Credit Suisse, J.P. Morgan and RBS.
AmeriCredit plans to use the net proceeds from this securitization for long-term financing of its receivables.
The securities will be issued via an owner trust called AmeriCredit Automobile Receivables Trust 2010-3, in six classes of notes. The note classes are rated by Standard & Poor's and Moody's Investors Service. The details include:
A-1
Note Class Amount: $123 million
Average Life: 0.20 years
Price 100
Interest Rate: 0.31125 percent
S&P: A-1 +
Moody's: Prime-1
A-2
Amount: $281 million
Life: 0.90 years
Price: 99.99843
Interest Rate: 0.77 percent
S&P: AAA
Moody's: Aaa
A-3
Amount: $194.251 million
Life: 2.12 years
Price: 99.98484
Interest Rate: 1.14 percent
S&P: AAA
Moody's: Aaa
B
Amount: $71.995
Life: 2.12 years
Price: 99.97365
Interest Rate: 2.04 percent
S&P: AA
Moody's: Aa1
C
Amount: $93.361 million
Life: 3.59 years
Price: 99.99119
Interest Rate: 3.34 percent
S&P: A
Moody's: A1
D
Amount: $86.393
Life: 3.96 years
Price: 99.98249
Interest Rate: 4.98 percent
S&P: BBB
Moody's: Baa2
The weighted average coupon on the notes to be paid by AmeriCredit is 2.5 percent
According to the company, the 2010-3 transaction will have an initial credit enhancement of 10.50 percent, consisting of a 2-percent cash deposit and 8.50 over-collateralization. Total required enhancement will build to 19.20 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.
Copies of the prospectus relating to the offering can be obtained from the lead managers and co-managers.