AmeriCredit marks Oct. 1 as make-whole date for two convertible series

By Susanna Moon

Chicago, Sept. 9 - AmeriCredit Corp. said it expects Oct. 1 to be the effective date for the make-whole fundamental change that will occur under the terms of its 0.75% convertible senior notes due 2011 and its 2.125% convertible senior notes due 2013.

The fundamental change will result from the merger among General Motors Holdings LLC, a wholly owned subsidiary of General Motors Co., Goalie Texas Holdco Inc. and AmeriCredit. AmeriCredit will be the surviving corporation of the merger with Goalie and will become a wholly owned subsidiary of GM Holdings and a wholly owned indirect subsidiary of GM.

The date is needed for purposes of determining any adjustment to the conversion rate of the notes because of the fundamental change.

AmeriCredit will calculate any increase in the conversion rate on the notes by adding the conversion rate with the make-whole conversion rate adjustment.

The merger may be completed as early as Oct. 1 but is subject to conditions and there is no assurance that merger will close on that date or at all, according to a company press release.

AmeriCredit Corp. is a Fort Worth-based independent automobile finance company.

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