AmeriCredit has priced a $750 million securitization of subprime auto loans, its first of 2014.
A $233.7 million A tranche rated triple A by both Standard & Poor’s and DBRS priced at 30 basis points over Eurodollar Synthetic Forward Rates (EDSF). That tranche had an expected maturity of August 2015.
A $202 million A tranche rated triple A by S&P and DBRS priced at 33 basis points over Interpolated Swaps (IntS). That tranche had an expected maturity of February 2017.
Other tranches included a double-A rated, $57.4-million piece yielding 75 basis points over IntS; a single-A, $71.2-million class pricing at 100 over IntS; a triple-B rated $70.1 million tranche pricing at 120 over IntS; and a double-B rated, $18.6 million tranche pricing at 225 over IntS.
A short-term, $97-million tranche rated A-1+ by S&P and R-1(H) by DBRS priced at a yield of 0.21%. It is expected to mature this August.
Joint bookrunners on the deal were Barclays Capital, Citigroup Global Markets,Credit Suisse Securities (USA), Morgan Stanley
Co managing were Merrill Lynch, Pierce, Fenner & Smith,J.P. Morgan Securities, RBS Securities, and Wells Fargo Securities.