AmeriCredit Reveals Another Securitization
By subscribing, you agree to receive communications from Auto Remarketing and our partners in accordance with our Privacy Policy. We may share your information with select partners and sponsors who may contact you about their products and services. You may unsubscribe at any time.
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
Subscribe to Auto Remarketing to stay informed and stay ahead.
By subscribing, you agree to receive communications from Auto Remarketing and our partners in accordance with our Privacy Policy. We may share your information with select partners and sponsors who may contact you about their products and services. You may unsubscribe at any time.
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.