FORT WORTH, Texas — To raise more money to fund long-term receivables, General Motors Financial recently announced the pricing of  a $900 million offering of automobile receivables-backed securities.

The securities are through lead managers J.P. Morgan, Credit Suisse and Deutsche Bank Securities. Co-managers are Barclays Capital, Morgan Stanley, RBS and Wells Fargo Securities.

Officials explained the securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2011-4, in seven classes of notes:

 Note Class  Amount  Average Life  Price  Interest Rate
 A-1  $164,800,000  0.20 years  100.00000  0.33907%
 A-2  $295,000,000  0.99 years  99.99388  0.92%
 A-3  $178,078,000  2.18 years  99.99756  1.17%
 B  $69,231,000  2.94 years  99.99068  2.26%
 C  $85,942,000  3.50 years  99.98317  3.08%
 D  $84,509,000  3.95 years  99.99597  4.08%
 E  $22,440,000  3.97 years  99.99520  6.53%
   $900,000,000      

    
The company said the weighted average coupon on the notes to be paid by GM Financial is 2.5 percent.

Officials went on to point out the note classes are rated by Fitch and Standard & Poor's. The ratings by note class will be at least:

 Note Class  Fitch  Standard & Poor's
 A-1  F1+ (sf)  A-1+ (sf)
 A-2  AAA (sf)  AAA (sf)
 A-3  AAA (sf)  AAA (sf)
 B  AA (sf)  AA (sf)
 C  A (sf)  A (sf)
 D  BBB (sf)  BBB (sf)
 E  BB (sf)  BB (sf)

    
GM Financial also highlighted the 2011-4 transaction will have initial credit enhancement of 7.75 percent, consisting of a 2.00 percent cash deposit and 5.75 percent overcollateralization. Total required enhancement will build to 14.75 percent of the then-outstanding receivable pool balance, which includes the initial 2.00 percent cash deposit.

Officials mentioned copies of the prospectus relating to the public offering of receivables-backed securities may be obtained from the lead managers and co-managers. They added the Class E Notes have been privately offered via a private placement memorandum which may be obtained from the lead managers.

"This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this press release, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state," GM Financial concluded.