GM Financial Announces $1.3 Billion Senior Subordinate Asset-Backed Securitization

GM Financial announced pricing of a $1.3 billion offering of automobile receivables through lead managers Deutsche Bank Securities, RBS and Wells Fargo Securities.

by Staff

September 11, 2012

2 min to read

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.

Topics:F&I

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