GM Financial Announces 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.
FORT WORTH, Texas — General Motors Financial Co. announced Wednesday that it has priced a $950 million offering of auto receivables-backed securities through lead managers Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank.
Co-managers include Barclays Capital, Credit Suisse and RBS.
The company plans to use the net proceeds for the long-term financing of its receivables.
The securities will be issued via an owner trust called AmeriCredit Automobile Receivables Trust 2011-2, in seven classes of notes:
A-1
Amount: $217.3 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: 0.22 years
Price 100
Interest Rate: 0.32259 percent
Standard & Poor's: A-1+
Moody's: P-1
DBRS: R-1 (high)
A-2
Amount: $302.6 million
Average Life: 0.95 years
Price: 99.99312
Interest Rate: 0.90 percent
S&P: AAA
Moody's: Aaa
DBRS: AAA
A-3
Amount: $153.419 million
Average Life:
2.10 years
Price: 99.99266
Interest Rate: 1.61 percent
S&P: AAA
Moody's: Aaa
DBRS: AAA
B
Amount: $73.077 million
Average Life: 2.82 years
Price: 99.99824
Interest Rate: 2.33 percent
S&P: AA
Moody's: Aa2
DBRS: AA
C
Amount: $90.717 million
Average Life: 3.43 years
Price: 99.99453
Interest Rate: 3.19 percent
S&P: A
Moody's: A2
DBRS: A
D
Amount: $89.205 million
Average Life: 3.89 years
Price: 99.96638
Interest Rate: 4 percent
S&P: BBB
Moody's: Baa2
DBRS: BBB
E
Amount: $23.682 million
Average Life: 3.90 years
Price: 99.98282
Interest Rate: 5.48 percent
S&P: BB
Moody's: Ba2
DBRS: BB
The 2011-2 transaction will have an initial credit enhancement of 7.75 percent, consisting of a 2 percent cash deposit and 5.75 percent overcollateralization. Total required enhancement will build up to 14.75 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.
Copies of the prospectus relating to the public offering of securities can be obtained from the lead managers and co-managers. The Class E Notes have been privately offered via a private placement memorandum, which may be obtained from lead managers.
