GM Financial Announces $1 Billion Asset-Backed Securities Offering
FORT WORTH — GM Financial announced the pricing of a $1 billion offering of automobile receivables-backed securities through lead managers Barclays Capital, RBS and Wells Fargo Securities. Co-managers are Deutsche Bank Securities, Morgan Stanley and UBS Investment Bank.
The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2011-3, in seven classes of Notes rated by Moody’s and DBRS. The weighted average coupon on the notes to be paid by GM Financial is 2.4 percent, reported F&I and Showroom.
The 2011-3 transaction will have initial credit enhancement of 7.75 percent, consisting of a 2 percent cash deposit and 5.75 percent overcollateralization. Total required enhancement will build to 14.75 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.
Copies of the prospectus relating to the public offering of receivables-backed securities may be obtained from the lead managers and co-managers. The Class E Notes have been privately offered via a private placement memorandum which may be obtained from the lead managers.
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