GM Financial (ticker: ACF, exchange: New York Stock Exchange (.N))
News Release -
8-Aug-2002
AmeriCredit Announces $1.3 Billion Asset-backed Securitization; Lowest Weighted Average Coupon in Company History At 3.0%FORT WORTH, Texas, Aug 8, 2002 (BUSINESS WIRE) -- AmeriCredit Corp. (NYSE:ACF)
announced the pricing of a $1.3 billion offering of automobile
receivables-backed securities through lead managers Credit Suisse First Boston
and Barclays Capital and co-managers Deutsche Bank, J.P. Morgan Securities Inc.
and Morgan Stanley.
The company uses proceeds from securitization transactions to provide long-term
financing of automobile retail installment contracts.
The securities will be issued via an owner trust, AmeriCredit Automobile
Receivables Trust 2002-C, in four classes of Notes:
Note Class Amount Average Life Price Interest Rate
---------- ------ ------------ ----- -------------
A-1 $235,000,000 0.30 years 100.0000 1.71%
A-2 315,000,000 0.84 years 99.9990 1.94%
A-3 480,000,000 2.01 years 100.0000 Swaps + 0.18%
A-4 270,000,000 3.40 years 99.9819 3.55%
-----------
$1,300,000,000
==============
The weighted average coupon paid by AmeriCredit is 3.0%.
The Note Classes are rated by Standard & Poor's, Moody's Investors Service, Inc.
and Fitch, Inc. The ratings by Note Class are:
Note Class Standard & Poor's Moody's Fitch
---------- ------------------ ------- -----
A-1 A-1+ Prime-1 F-1+
A-2 AAA Aaa AAA
A-3 AAA Aaa AAA
A-4 AAA Aaa AAA
This transaction represents AmeriCredit's 34th securitization of automobile
receivables in which a total of more than $25 billion of automobile
receivables-backed securities has been issued.
AmeriCredit Corp. (NYSE:ACF) 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 $14 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.
CONTACT: AmeriCredit Corp., Fort Worth
Kim Pulliam, 817/302-7009
or
Susan Sheffield, 817/302-7355
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GM Financial
