GM Financial (ticker: ACF, exchange: New York Stock Exchange (.N))
News Release -
12-Feb-1999
Americredit Corp. Announces Asset-Backed Securitization FORT WORTH, Texas--Feb. 12, 1999--Americredit
Corp. (NYSE:ACF) announced today the pricing of a $700 million
offering of automobile receivables-backed securities through Credit
Suisse First Boston, Bear, Stearns & Co. Inc., Chase Securities Inc.,
and NationsBanc Montgomery Securities LLC.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 1999-A, in four classes of Notes:
Annual
Note Class Amount Average Life Coupon Price Yield
---------- ------ ------------ ------ ----- -----
A-1 $140,000,000 0.26 years 4.980% 100.000 4.980%
A-2 235,000,000 1.00 years 5.383% 100.000 5.520%
A-3 130,000,000 2.00 years 5.740% 99.984 5.818%
A-4 195,000,000 3.13 years 5.880% 99.979 5.960%
-----------
$700,000,000
-----------
-----------
The Class A-1 Notes will be rated A-1+ by Standard & Poor's and
P-1 by Moody's Investors Service, Inc. The Class A-2, A-3 and A-4
Notes will be rated AAA by Standard & Poor's and Aaa by Moody's.
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 sixteenth
securitization of automobile receivables in which a total of over $4.8
billion of automobile receivables-backed securities have been issued.
AmeriCredit is a national consumer finance company specializing
in purchasing, securitizing and servicing automobile loans and
originating and selling mortgage loans. AmeriCredit maintains a Web
site at http://www.americredit.com that contains further information
on the Company.
CONTACT: Americredit Corp., Fort Worth
Kim Welch, 817/882-7009
KEYWORD: TEXAS
INDUSTRY KEYWORD: AUTOMOTIVE BANKING REAL ESTATE
|
GM Financial
