AmeriCredit bought back $28 million 0.75% convertibles, $60 million 2.125% convertibles

By Jennifer Chiou

New York, Aug. 28 - AmeriCredit Corp. repurchased a total of $28 million of its 0.75% convertibles due 2011 and $60 million of its 2.125% convertibles due 2013 during the fiscal year ended June 30, according to a 10-K filing with the Securities and Exchange Commission.

The 0.75% notes were purchased at an average price of 44.2% while the 2.125% convertibles were purchased at an average of 44.1%.

In connection with these repurchases, AmeriCredit said it recorded a gain on the retirement of debt of $47.7 million.

As previously reported, the company's past repurchases included $25 million of the 0.75% convertibles during the first quarter and $21.1 million of its 2.125% convertibles after March 31.

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

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