AmeriCredit Announces Securitization
FORT WORTH, Texas — AmeriCredit Corp. announced the pricing of an $800 million offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities and Wachovia Securities.
FORT WORTH, Texas — AmeriCredit Corp. announced the pricing of an $800 million offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities and Wachovia Securities.
Co-managers are JPMorgan, Lehman Brothers and UBS Investment Bank. AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of its receivables.
This transaction represents the company’s first securitization in which Ambac Assurance Corp. is providing bond insurance. Initial credit enhancement will total 10.5 percent of the original receivable pool balance. This will build to the total required enhancement level of 18.5 percent of the then outstanding receivable pool balance.
The initial 10.5 percent enhancement will consist of 2 percent cash and 8.5 percent overcollateralization.
This transaction represents AmeriCredit’s 45th securitization of automobile receivables in which a total of more than $34 billion of automobile receivables-backed securities has been issued.
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