FORT WORTH, Texas — General Motors Financial Company (GM Financial) announced the pricing of a $1.3 billion offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities, RBS and Wells Fargo Securities. Co-managers are Citigroup, Credit Suisse, Morgan Stanley, and RBC Capital Markets.
GM Financial uses net proceeds from securitization transactions for long-term financing of its receivables. The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2012-4, in seven classes of notes:
Note Class
|
Amount
|
Average Life
|
Price
|
Interest Rate
|
|||||||||||||||
A-1
|
$
|
191,100,000
|
0.18 years
|
100
|
.00000
|
0
|
.30000%
|
||||||||||||
A-2
|
462,000,000
|
0.99 years
|
99
|
.99656
|
0
|
.49%
|
|||||||||||||
A-3
|
270,280,000
|
2.26 years
|
99
|
.98423
|
0
|
.67%
|
|||||||||||||
B
|
99,470,000
|
3.04 years
|
99
|
.98102
|
1
|
.31%
|
|||||||||||||
C
|
123,480,000
|
3.59 years
|
99
|
.98550
|
1
|
.93%
|
|||||||||||||
D
|
121,430,000
|
4.04 years
|
99
|
.96607
|
2
|
.68%
|
|||||||||||||
E
|
32,240,000
|
4.05 years
|
99
|
.98364
|
3
|
.82%
|
|||||||||||||
$
|
1,300,000,000
|
||||||||||||||||||
The weighted average coupon on the notes to be paid by GM Financial is 1.5 percent. The note classes are rated by Fitch and Standard & Poor’s. The ratings by note class will be at least:
Note Class
|
Fitch
|
S&P
|
||||||
A-1
|
F1+ (sf)
|
A-1+ (sf)
|
||||||
A-2
|
AAA (sf)
|
AAA (sf)
|
||||||
A-3
|
AAA (sf)
|
AAA (sf)
|
||||||
B
|
AA (sf)
|
AA (sf)
|
||||||
C
|
A (sf)
|
A (sf)
|
||||||
D
|
BBB (sf)
|
BBB (sf)
|
||||||
E
|
BB (sf)
|
BB (sf)
|
||||||
The 2012-4 transaction will have initial credit enhancement of 7.25 percent, consisting of a 2 percent cash deposit and 5.25 percent overcollateralization. Total required enhancement will build to 14.25 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.
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