GM Financial (ticker: ACF, exchange: New York Stock Exchange (.N))
News Release -
AmeriCredit Announces $1.6 Billion Asset-Backed Securitization
FORT WORTH, Texas--(BUSINESS WIRE)--Sept. 5, 2001--AMERICREDIT
CORP. (NYSE:ACF) announced today the pricing of a $1.6 billion
offering of automobile receivables-backed securities through Credit
Suisse First Boston, Banc of America Securities LLC, Barclays Capital,
Deutsche Banc Alex. Brown, and Merrill Lynch & Co.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2001-C, in four classes of Notes:
Note Class Amount Average Life Price Interest Rate
---------- ------ ------------ ----- -------------
A-1 $230,000,000 0.31 years 100.0000 4 mo. LIBOR - 0.04%
A-2 395,000,000 0.81 years 99.9942 EDSF + 0.14%
A-3 525,000,000 1.89 years 100.0000 1 mo. LIBOR + 0.15%
A-4 450,000,000 3.37 years 99.9767 Swaps + 0.24%
The weighted average coupon paid by AmeriCredit is 4.6%.
The Class A-1 Notes will be rated A-1 by Standard & Poor's, Prime
-1 by Moody's Investors Service, Inc. and F-1 by Fitch, Inc. Notes in
classes A-2 through A-4 will be rated AAA by Standard & Poor's, Aaa by
Moody's and AAA by Fitch. Timely principal and interest payments on
the Notes are guaranteed by an insurance policy provided by Financial
Security Assurance Inc.
The transaction represents AmeriCredit Corp.'s twenty-eighth
securitization of automobile receivables in which a total of over
$18.4 billion of automobile receivables-backed securities have been
AmeriCredit is the largest independent middle market automobile
finance company in North America specializing in purchasing and
servicing automobile loans. AmeriCredit maintains a Web site at
www.americredit.com that contains further information on the Company.
||AmeriCredit Corp., Fort Worth
||Kim Pulliam, 817/302-7009
||Susan Sheffield, 817/302-7355