FORT WORTH, Texas — Soon after word spread about an upcoming dealer floor plan program, GM Financial this week revealed pricing of a $1 billion offering of automobile receivables-backed securities through lead managers Barclays Capital, RBS and Wells Fargo Securities.

Officials noted co-managers are Deutsche Bank Securities, Morgan Stanley and UBS Investment Bank.

GM Financial said it plans to use net proceeds from securitization transactions for long-term financing of its receivables.

The company indicated the securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2011-3, in seven classes of notes:

 Note Class  Amount    Average Life   Price  Interest Rate
 A-1  $198,200,000  0.21 years  100.00000  0.27681%
 A-2  $332,000,000  0.95 years  99.99290  0.84%
 A-3  $178,556,000  2.14 years  99.98711  1.17%
 B  $76,923,000  2.89 years  99.99134  2.28%
 C  $95,491,000  3.48 years  99.98401  2.86%
 D  $93,899,000  3.96 years  99.97909  4.04%
 E  $24,931,000  3.98 years  99.96751  5.76%
   $1,000,000,000      

                                                              
Officials highlighted the weighted average coupon on the notes to be paid by GM Financial is 2.4 percent.

GM Financial went on to mention the note classes are rated by Moody's and DBRS. The ratings by note class will be at least:

 Note Class  Moody's  DBRS
 A-1  P-1 (sf)  R-1(high) (sf)
 A-2  Aaa (sf)  AAA (sf)
 A-3   Aaa (sf)  AAA (sf)
 B  Aa2 (sf)  AA (sf)
 C  A2 (sf)  A (sf)
 D  Baa2 (sf)  BBB (sf)
 E  Ba2 (sf)  BB (sf)

Furthermore, GM Financial stated the 2011-3 transaction will have initial credit enhancement of 7.75 percent, consisting of a 2 percent cash deposit and 5.75 percent overcollateralization. Officials insist total required enhancement will build to 14.75 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.

The company pointed out copies of the prospectus relating to the public offering of receivables-backed securities may be obtained from the lead managers and co-managers. Management 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 emphasized.

Last week, the company confirmed that it plans to give franchise dealers a choice for new inventory floor planning besides Ally Financial. GM Financial hopes to have at least a pilot program for floor planning in place by the end of this year.

More details from SubPrime Auto Finance News about GM Financial dealer floor planning are available here.