AmeriCredit Raises Borrowing Capacity to $4.2 Billion

AmeriCredit Corp. announced on Dec. 5 that it has added two new credit facilities, increasing its borrowing capacity to $4.2 billion.

AmeriCredit added a $500 million facility with Merrill Lynch and a C$150 million facility with Merrill Lynch Capital Canada Inc. The Canadian facility matures in Aug. 2002.

AmeriCredit uses its warehouse facilities to finance the purchase of car receivables. The company makes mostly nonprime loans through more than 16,000 franchised and independent car dealers to shoppers buying vehicles.