AmeriCredit Corp. plans to issue an estimated $1 billion in auto-loan asset-backed securities in the fourth quarter, through a four-class offering backed by nonprime auto loans, according to a shelf filing.
"It's safe to say we will be prepared to do a deal as soon as Oct. 1," said AmeriCredit's Vice Chairman and CFO Dan Berce, "and [we] will come to market as soon as conditions are suitable."
According to last week's shelf filing, the deal will come with a financial guarantee from Financial Security Assurance. Though unable to say exactly who will manage the pending fourth quarter deal, the spokeswoman said, "We've used Credit Suisse First Boston and Chase quite a bit."
The spokeswoman also said that the company currently holds $5.6 billion in securities which will be distributed among the five or six upcoming securitizations. She added that in light of Y2K concerns and unstable market conditions, AmeriCredit is flexible as to when its next deal prices.
AmeriCredit last came to market on Aug. 13 with $1 billion in auto-loan offering that was structured in seven parts, with average lives ranging from 0.33 years to 3.42 years. Credit Suisse First Boston was lead manager.
AmeriCredit has been a regular, once-a-quarter issuer since the last quarter of 1998, said Berce.