FORT WORTH, Texas — GENERAL MOTORS FINANCIAL COMPANY, INC. (“GM Financial” or the “Company”), announced the pricing of a $1.1 billion offering of automobile receivables-backed securities through lead managers Credit Suisse, RBS and Wells Fargo Securities. Co-managers are Barclays Capital, Deutsche Bank Securities, and J.P. Morgan. 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 2012-2, in seven classes of Notes:
| Note Class | Amount | Average Life | Price | Interest Rate | ||||||||
| A-1 | $ | 241,400,000 | 0.19 years | 100.00000 | 0.30000 | % | ||||||
| A-2 | 372,400,000 | 0.95 years | 99.99454 | 0.76 | % | |||||||
| A-3 | 165,820,000 | 2.12 years | 99.99018 | 1.05 | % | |||||||
| B | 84,620,000 | 2.81 years | 99.97451 | 1.78 | % | |||||||
| C | 105,040,000 | 3.41 years | 99.98897 | 2.64 | % | |||||||
| D | 103,290,000 | 3.88 years | 99.98897 | 3.38 | % | |||||||
| E | 27,430,000 | 3.89 years | 99.96648 | 4.85 | % | |||||||
| $ | 1,100,000,000 | |||||||||||
The weighted average coupon on the Notes to be paid by GM Financial is 2.1%.
The Note Classes are rated by Moody’s and Fitch. The ratings by Note Class will be at least:
| Note Class | Moody’s | Fitch | ||
| A-1 | P-1 (sf) | F1+ (sf) | ||
| A-2 | Aaa (sf) | AAA (sf) | ||
| A-3 | Aaa (sf) | AAA (sf) | ||
| B | Aa2 (sf) | AA (sf) | ||
| C | A2 (sf) | A (sf) | ||
| D | Baa2 (sf) | BBB (sf) | ||
| E | Ba2 (sf) | BB (sf) |
The 2012-2 transaction will have initial credit enhancement of 7.75%, consisting of a 2.00% cash deposit and 5.75% overcollateralization. Total required enhancement will build to 14.75% of the then-outstanding receivable pool balance, which includes the initial 2.00% 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. 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 GM Financial
General Motors Financial Company, Inc. provides auto finance solutions through auto dealers across the United States and Canada. GM Financial has approximately 3,500 employees, 700,000 customers and $11 billion in auto receivables and leases. The Company is a wholly-owned subsidiary of General Motors Company and is headquartered in Fort Worth, Texas. For more information, visit www.gmfinancial.com.
