FORT WORTH, Texas — AmeriCredit Corp. made a major move regarding its auto loan operations earlier this week as the company announced a $750 million asset-backed securitization under its automobile receivables trust, which mostly covers subprime auto loans.

Deutsche Bank Securities and Credit Suisse are the lead managers on the transaction, while Barclays Capital, Lehman Brothers and Wachovia Securities are the co-managers, the company stated.

According to officials, AmeriCredit will use the net proceeds from this transaction to provide long-term financing of receivables.

Via AmeriCredit's Automobile Receivables Trust 2008 A-F, the securities are to be issued in five classes of notes:

A-1: $ 160,000,000

Average life: 0.19 years

Price: 100.00000

Interest Rate: 2.6936 percent

A-2-A: $100,000,000

Average life: 1.00 years

Price: 99.99614

Interest rate: 4.47 percent

A-2-B: $139,000,000

Average life: 1.00 years

Price: 100.00000

Interest rate: LIBOR + 1.75 percent

A-3: $153,000,000

Average life: 2.00 years

Price: 99.99216

Interest rate: 5.680 percent

A-4: $198,000,000

Average life: 3.07 years

Price: 99.99416

Interest rate: 6.96 percent

Officials indicated that the weighted average coupon on the notes to be paid by AmeriCredit is 6 percent.

Standard & Poor's, Moody's Investors Service and Fitch provide the note class ratings.


S&P: A-1+

Moody's: Prime-1

Fitch: F1+

The other notes had the same ratings from each company:


Moody's: Aaa

Fitch: AAA

Additionally, AmeriCredit noted that providing bond insurance for the transaction will be Financial Security Assurance.

According to officials, initial credit enhancement will total 20.5 percent of the original receivable pool balance building to the total required enhancement level of 24.5 percent of the then-outstanding receivable pool balance.

AmeriCredit indicated that 2 percent cash and 18.5 percent overcollateralization will make up the initial 20.5-percent enhancement.