ACF Launches Securitization
AmeriCreit Corp. announced the pricing of a $1.0 billion offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities and Barclays Capital and co-managers Credit Suisse First Boston, J.P. Morgan, Lehman Brothers, and Wachovia Securities.
The bond insurer for this transaction is MBIA Insurance Corporation. AmeriCredit says it uses net proceeds from securitization transactions to provide long-term financing of automobile retail installment contracts.
Initial credit enhancement on this trust will total 10.5 percent of the original receivable pool balance building to the total required enhancement level of 18% of the pool balance. This transaction represents AmeriCredit’s 38th securitization of automobile receivables in which a total of more than $28 billion of automobile receivables-backed securities has been issued.
AmeriCredit Corp. is one of the largest independent middle-market auto finance companies in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and $16 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.
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