FORT WORTH, Texas — AmeriCredit Corp. announced the pricing of a $1 billion offering of automobile receivables-backed securities under the AmeriCredit Automobile Receivables Trust (AMCAR) platform, which primarily includes subprime automobile loan contracts. The lead managers on the transaction are Credit Suisse, Lehman Brothers and UBS Investment Bank. The co-managers are Barclays Capital, Deutsche Bank Securities and Wachovia Securities. Net proceeds from securitization transactions will be used to provide long-term financing of receivables.
The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2007-D-F, in seven classes of Notes, which were rated by Standard & Poor's, Moody's Investors Service and Fitch Inc.
The weighted average coupon on the Notes to be paid by AmeriCredit is 5.5 percent.
Financial Security Assurance Inc. will provide bond insurance for this transaction. Initial credit enhancement will total 9.0 percent of the original receivable pool balance building to the total required enhancement level of 13.0 percent of the then outstanding receivable pool balance. The initial 9.0 percent enhancement will consist of 2.0 percent cash and 7.0 percent overcollateralization.