By Paul A. Harris
St. Louis, Mo., June 13 - AmeriCredit Corp. downsized to $175 million from $300 million its offering of senior notes due May 15, 2009 (Ba1/BB-) and priced them Thursday at 98.78 to yield 9½%, according to a syndicate source.
Price talk was 9%-9¼%.
Bear Stearns & Co. and JP Morgan were joint bookrunners. Deutsche Bank Securities Inc. and RBC Capital Markets were co-managers.
Proceeds from the Rule 144A notes will be used to fund a tender offer and consent solicitation for AmeriCredit's $175 million outstanding 9¼% senior notes due 2004 and for general corporate purposes.
AmeriCredit Corp. is a Fort Worth, Tex. middle-market auto finance company.
Issuer: AmeriCredit Corp.
Amount: $175 million (decreased from $300 million)
Maturity: May 15, 2009
Type: Senior notes
Bookrunners: Bear Stearns, JP Morgan (joint)
Co-managers: Deutsche Bank Securities, RBC
Coupon: 9¼%
Price: 98.78
Yield: 9½%
Price talk: 9%-9¼%
Spread: 490 basis points over the 5½% Treasury of May 2009
Call features: Callable on May 15, 2006 at 104.625, 102.313, par on May 15, 2008 and thereafter
Equity clawback: Until May 15, 2005 for 35% at 109.25
Settlement date: June 19, 2002
Ratings: Moody's: Ba1
| Standard & Poor's: BB-
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| Rule 144A CUSIP: | 03060RAH4
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