AmeriCredit buys back $124.2 million convertibles in last quarter

By Susanna Moon

Chicago, Feb. 6 - AmeriCredit Corp. repurchased $38.9 million of convertible senior notes due 2013 on the open market at an average price of 37.75% of the principal amount during the three months ended Dec. 31, according to a 10-Q filing with the Securities and Exchange Commission.

As a result, the company said it recorded a gain of $23.4 million on retirement of debt.

During the quarter ended Sept. 30, the company repurchased $114.7 million of its convertibles due 2023 at a small discount. In the quarter ended Dec. 31, the company repurchased the remaining balance of $85.3 million of the convertibles at 100.25% of par.

AmeriCredit is a Fort Worth-based subprime consumer finance company.

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