AmeriCredit Announces $850 Million Senior Subordinate Asset-Backed Securitization

AMERICREDIT CORP. (NYSE: ACF) today announced the pricing of an $850 million offering of automobile receivables-backed securities through lead managers Barclays Capital, UBS Investment Bank and Wells Fargo Securities. Co-managers are Credit Suisse, J.P. Morgan and RBS. AmeriCredit 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 2010-3, in six classes of Notes:

    
      
        
          Note Class
        
        
           
        
        
          Amount
        
        
           
        
        
           
        
        
          Average Life
        
        
           
        
        
           
        
        
          Price
        
        
           
        
        
           
        
        
          Interest Rate
        
      
      
        
          A-1
        
        
        
        
          $
        
        
          123,000,000
        
        
        
        
        
        
          0.20 years
        
        
        
        
        
        
          100.00000
        
        
        
        
        
        
          0.31125%
        
      
      
        
          A-2
        
        
        
        
        
        
          281,000,000
        
        
        
        
        
        
          0.90 years
        
        
        
        
        
        
          99.99843
        
        
        
        
        
        
          0.77%
        
      
      
        
          A-3
        
        
        
        
        
        
          194,251,000
        
        
        
        
        
        
          2.12 years
        
        
        
        
        
        
          99.98484
        
        
        
        
        
        
          1.14%
        
      
      
        
          B
        
        
        
        
        
        
          71,995,000
        
        
        
        
        
        
          2.95 years
        
        
        
        
        
        
          99.97365
        
        
        
        
        
        
          2.04%
        
      
      
        
          C
        
        
        
        
        
        
          93,361,000
        
        
        
        
        
        
          3.59 years
        
        
        
        
        
        
          99.99119
        
        
        
        
        
        
          3.34%
        
      
      
        
          D
        
        
        
        
           
        
        
          86,393,000
        
        
        
        
        
        
          3.96 years
        
        
        
        
        
        
          99.98249
        
        
        
        
        
        
          4.98%
        
      
      
        
        
        
        
        
          $
        
        
          850,000,000
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

The weighted average coupon on the Notes to be paid by AmeriCredit is 2.5%.

The Note Classes are rated by Standard & Poor’s and Moody’s Investors Service. The ratings by Note Class are:

    
      
        
          Note Class
        
        
           
        
        
           
        
        
          Standard & Poor’s
        
        
           
        
        
           
        
        
          Moody’s
        
      
      
        
          A-1
        
        
        
        
        
        
          A-1+
        
        
        
        
        
        
          Prime-1
        
      
      
        
          A-2
        
        
        
        
        
        
          AAA
        
        
        
        
        
        
          Aaa
        
      
      
        
          A-3
        
        
        
        
        
        
          AAA
        
        
        
        
        
        
          Aaa
        
      
      
        
          B
        
        
        
        
        
        
          AA
        
        
        
        
        
        
          Aa1
        
      
      
        
          C
        
        
        
        
        
        
          A
        
        
        
        
        
        
          A1
        
      
      
        
          D
        
        
        
        
        
        
          BBB
        
        
        
        
        
        
          Baa2
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
    
    

The 2010-3 transaction will have initial credit enhancement of 10.50%, consisting of a 2.00% cash deposit and 8.50% overcollateralization. Total required enhancement will build to 19.20% of the then-outstanding receivable pool balance, which includes the initial 2.00% cash deposit.

Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the lead managers and co-managers. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this press release, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.

About AmeriCredit

AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers across the United States. AmeriCredit has about 800,000 customers and approximately $9 billion in auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

On July 22, 2010, AmeriCredit and General Motors (GM) announced they have entered into a definitive agreement for GM to acquire AmeriCredit. Under the terms of the agreement, which has been approved by both companies’ boards of directors, at closing, AmeriCredit shareholders will receive $24.50 in cash for each share of stock held as of the transaction closing date. The transaction is expected to close by the end of the fourth quarter of calendar 2010, pending certain closing conditions, including the approval of AmeriCredit shareholders.

In connection with the proposed merger, AmeriCredit has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders may obtain a free copy of the proxy statement and other relevant documents filed with the SEC from the SEC’s web site at http://www.sec.gov. Investors and security holders and other interested parties can also obtain, free of charge, a copy of the proxy statement and other relevant documents by directing a request by mail or telephone to Investor Relations, AmeriCredit Corp., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, telephone [phone], or from AmeriCredit’s web site at www.AmeriCredit.com.

AmeriCredit and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from AmeriCredit’s shareholders with respect to the merger. Information about AmeriCredit’s directors and executive officers and their ownership of AmeriCredit’s common stock is set forth in AmeriCredit’s definitive Proxy Statement on Schedule 14A filed on September 1, 2010. Shareholders and investors may obtain additional information regarding the interests of AmeriCredit and its directors and executive officers in the merger, which may be different from those of AmeriCredit’s shareholders generally, by reading the proxy statement and other relevant documents regarding the merger.