AmeriCredit buys back $25 million 0.75% convertibles, $21.1 million 2.125% convertibles

By Angela McDaniels

Tacoma, Wash., May 11 - AmeriCredit Corp. has repurchased $46.1 million of its convertible senior notes since the beginning of the year, according to its 10-Q report for the first quarter filed with the Securities and Exchange Commission Monday.

The repurchases included $25 million of AmeriCredit's 0.75% convertibles due 2011 during the first quarter and $21.1 million of its 2.125% convertibles due 2013 after March 31.

The average purchase price for the 0.75% convertibles was 41.00, and the weighted averaged price for the 2.125% convertibles was 55.64.

As previously reported, the company repurchased all of its 1.75% convertibles due 2023 during the second half of 2008 and $38.9 million of its 2.125% convertibles at an average price of 37.75 during the fourth quarter of 2008.

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

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