GM Financial (ticker: ACF, exchange: New York Stock Exchange (.N))
News Release -
AmeriCredit Corp. Announces $300 Million Private Senior Unsecured Debt OfferingFORT WORTH, Texas, Jun 5, 2002 (BUSINESS WIRE) -- AmeriCredit Corp. (NYSE:ACF)
today announced that it is proposing a private offering of $300 million
aggregate principal amount of senior notes to certain qualified institutional
The purpose of the offering is to repurchase or redeem all of AmeriCredit's
outstanding 9 1/4% Senior Notes due 2004 and for general corporate purposes,
including using the proceeds of the offering to fund its growth; to increase the
amount of automobile loans it can acquire, originate and hold for pooling and
sale in the asset-backed securities market; to support securitization
transactions; and for other working capital needs.
The notes to be offered by AmeriCredit in the private placement have not been
registered under the Securities Act of 1933, as amended, and may not be offered
or sold in the United States absent such registration or an applicable exemption
from the registration requirements.
AmeriCredit Corp. is the largest independent middle-market auto finance company
in North America. Using its branch network and strategic alliances with auto
groups and banks, the company purchases installment contracts made by auto
dealers to consumers who are typically unable to obtain financing from
traditional sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $13 billion in managed auto
receivables. The company was founded in 1992 and is headquartered in Fort Worth,
Texas. For more information, visit www.americredit.com.
This press release contains several "forward-looking statements."
Forward-looking statements are those, which use words such as "believe,"
"expect," "anticipate," "intend," "plan," "may," "will," "should," "estimate,"
"continue" or other comparable expressions. These words indicate future events
and trends. Forward-looking statements are the Company's current views with
respect to future events and financial performance. These forward-looking
statements are subject to many risks and uncertainties, which could cause actual
results to differ significantly from historical results or from those
anticipated by the Company. The most significant risks are detailed from time to
time in the Company's filings and reports with the Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for the year
ended June 30, 2001. Such risks include - but are not limited to - fluctuating
interest rates, dependence on credit facilities and securitization programs,
liquidity and capital needs, increased competition, regulatory changes,
tightening labor markets, and deteriorating portfolio performance. It is
advisable not to place undue reliance on the Company's forward-looking
statements. The Company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
CONTACT: AmeriCredit Corp., Fort Worth
Kim Pulliam, 817/302-7009
Susan Sheffield, 817/302-7355
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