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.
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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