FORT WORTH, Texas, September 26, 2002--AmeriCredit Corp.
(NYSE:ACF) announced the completion of a follow-on offering
of 67,000,000 shares of Common Stock at a price of $7.50 per
share. The underwriting was managed by Friedman, Billings,
Ramsey & Co., Inc., a subsidiary of Friedman, Billings, Ramsey
Group, Inc. (NYSE:FBR). The Company has also granted the underwriters
an option to purchase up to an additional 10,050,000 shares
to cover over-allotments, if any.
AmeriCredit will use the net proceeds of the offering to
provide a greater portion of the upfront credit enhancement
required on future securitization transactions resulting in
earlier distributions of cash from the securitizations and
for general corporate purposes.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be
any sale of these shares in any state in which such offer,
solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
Copies of the final prospectus may be obtained from Friedman,
Billings, Ramsey & Co., Inc., 1001 19th Street North, Arlington,
VA 22209, Attn: Prospectus Department, (703) 312-9500.
AmeriCredit Corp. is a leading independent middle-market
auto finance Company in North America. Using its branch network
and strategic alliances with auto groups and banks, the Company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and nearly $15 billion in managed
auto receivables. The Company was founded in 1992 and is headquartered
in Fort Worth, Texas.
This press release contains several "forward-looking statements."
Forward-looking statements are those, which use words such
as "believe," "expect," "anticipate," "intend," "plan," "may,"
"will," "should," "estimate," "continue" or other comparable
expressions. These words indicate future events and trends.
Forward-looking statements are the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to many risks and uncertainties,
which could cause actual results to differ significantly from
historical results or from those anticipated by the Company.
The most significant risks are detailed from time to time
in the Company's filings and reports with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K for the year ended June 30, 2002. Such risks
include - but are not limited to - fluctuating interest rates,
dependence on credit facilities and securitization programs,
liquidity and capital needs, increased competition, regulatory
changes, tightening labor markets, and deteriorating portfolio
performance. It is advisable not to place undue reliance on
the Company's forward-looking statements. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
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FBR
Prices $502.5 Million Secondary Offering
ARLINGTON, Va., September 26, 2002 -- Friedman, Billings,
Ramsey Group, Inc. (NYSE:FBR) today announced that its subsidiary,
Friedman, Billings, Ramsey & Co., Inc., has sole lead managed
a $502.5 million secondary offering of 67 million shares of
common stock by AmeriCredit Corp. (NYSE:ACF). AmeriCredit
is a leading independent middle market auto finance company
in North America. The shares are being offered to the public
at $7.50 per share.
"We are pleased to have assisted AmeriCredit with this important
offering." said Eric Billings, Vice Chairman and Co CEO of
Friedman, Billings, Ramsey Group Inc.
FBR has a 30-day option to purchase up to an additional
10,050,000 shares of common stock from AmeriCredit to cover
over-allotments, if any. AmeriCredit plans to use the proceeds
from this proposed offering to increase significantly their
initial credit enhancement deposits in future securitization
transactions, for other capital working needs, as well as
for general corporate purposes.
To date in 2002, FBR has lead-managed sixteen public and
5 private offerings and acted as co-manager in ten additional
transactions.
Copies of the final prospectus may be obtained from Friedman,
Billings, Ramsey & Co., Inc., 1001 19th Street North, Arlington,
Va., 22209.
The public offering of the 67 million shares is anticipated
to close on Tuesday, October 1, 2002.
Using its branch network and strategic alliances with auto
groups and banks, AmeriCredit purchases installment contracts
made by auto dealers to consumers who are typically unable
to obtain financing from traditional sources. The company
was founded in 1992 and is headquartered in Fort Worth, Texas.
Friedman, Billings, Ramsey Group, Inc., headquartered in
Arlington, Va., is a financial holding company for businesses
that provide investment banking, institutional brokerage,
specialized asset management, and private client services.
FBR focuses capital and financial expertise on six industry
sectors: financial services, real estate, technology, energy,
healthcare, and diversified industries. FBR also has offices
in Atlanta, Bethesda, Boston, Charlotte, Chicago, Cleveland,
Dallas, Denver, Irvine, London, New York, Portland, San Francisco,
Seattle, and Vienna. Bank products and services are offered
by FBR National Bank & Trust, member FDIC and an Equal Housing
Lender.
A registration statement relating to these securities was
filed with and has been declared effective by the U.S. Securities
and Exchange Commission. The offering is made by means of
a prospectus only, which may be obtained by contacting the
underwriter. This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there
be any sale of these securities in any state or jurisdiction
in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities
laws of any such state or jurisdiction.
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Reaches
Agreement Regarding Securitization Triggers
FORT WORTH, Texas, September 16, 2002--AMERICREDIT CORP.
(NYSE:ACF) announced today it has reached an agreement with
Financial Security Assurance (FSA), the Company's bond insurance
guarantor, to raise delinquency trigger levels in its securitizations.
The agreement with FSA provides for an increase in delinquency
triggers to a level in excess of the Company's current forecast
of pool performance for the six monthly reporting periods
from September 2002 through February 2003. This reduces the
likelihood of an increase in credit enhancement requirements
due to delinquency triggers for all of its outstanding securitizations.
In consideration for raising delinquency triggers, FSA will
receive warrants to purchase 1,287,691 shares of common stock,
which are exercisable for five years at a 20% premium above
market plus a 2.5 basis point increase in insurance fees.
AmeriCredit has also announced it will structure its future
securitization transactions as secured financings, which do
not require the recognition of a gain-on-sale.
Accordingly, auto receivables securitized in the future
will remain on the Company's balance sheet. Net earnings on
its receivables will be recognized over the life of the receivables
as finance charge and fee income, less related funding costs
and a provision for losses. The change in securitization structure
will have no impact on the Company's funding procedures, business
model or cash flow.
"Middle market automobile finance can be a complex business,"
said AmeriCredit CEO Mike Barrington, "and some of our stakeholders
have told us they don't fully understand the accounting for
our business due to the use of gain-on-sale. So we've made
the decision to move to on-balance sheet securitizations to
make it clearer for all our stakeholders to understand our
business and assess our financial results over time."
Management has indicated it plans to grow its managed loan
portfolio approximately 15% annually over time. Due to the
change in how future securitization transactions will be structured,
the Company's earnings guidance is being revised.
"AmeriCredit's business model is not changing. What is changing
is the way we structure our securitizations, and therefore
how we recognize earnings in accordance with Generally Accepted
Accounting Principles. This change is consistent with our
practice of providing clear and complete information to all
our stakeholders," Barrington said.
Finally, AmeriCredit plans to add three independent directors
to its Board. The Board will identify and recruit external
candidates who will enhance the Company's independent governance
and oversight.
AmeriCredit will host a conference call for analysts and
investors at 8:15 A.M. Eastern Daylight Time on Tuesday, September
17, 2002. For a live Internet broadcast of this conference
call, please go to the Company's Web site. For those who cannot
listen to the live broadcast, a replay will be available shortly
after the call.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance Company in North America. Using
its branch network and strategic alliances with auto groups
and banks, the Company purchases installment contracts made
by auto dealers to consumers who are typically unable to obtain
financing from traditional sources. AmeriCredit has more than
one million customers throughout the United States and Canada
and nearly $15 billion in managed auto receivables. The Company
was founded in 1992 and is headquartered in Fort Worth, Texas.
Except for the historical information contained herein,
the matters discussed in this news release include forward-looking
statements that involve risks and uncertainties detailed from
time to time in the Company's filings and reports with the
Securities and Exchange Commission including the Company's
annual report on Form 10-K for the period ended June 30, 2001.
Such risks include - but are not limited to - deteriorating
economic environment, adverse portfolio performance, reliance
on capital markets, fluctuating interest rates, increased
competition, regulatory changes and tightening labor markets.
These forward-looking statements are based on the beliefs
of the Company's management as well as assumptions made by
and information currently available to Company management.
Actual events or results may differ materially.
Return
to headlines
Announces
Public Offering of Common Stock
FORT WORTH, Texas, September 16, 2002--AmeriCredit Corp.
(NYSE:ACF) announced today the commencement of a public offering
of an aggregate amount of approximately $500 million of its
common stock (plus up to an aggregate amount of approximately
$75 million of its common stock to cover over-allotments,
if any). The shares are being offered by a prospectus supplement
pursuant to an effective shelf registration statement in an
offering to be managed by Friedman, Billings, Ramsey & Co.,
Inc., a subsidiary of Friedman, Billings, Ramsey Group, Inc.
(NYSE:FBR).
AmeriCredit plans to use the proceeds from this proposed
offering for general corporate purposes, which may include
the Company providing a greater portion of the upfront credit
enhancement required on future securitization transactions
resulting in earlier distributions of cash from securitizations.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy, nor shall there be
any sale of these shares in any state in which such offer,
solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state.
A shelf registration statement relating to the shares that
AmeriCredit intends to sell has previously been filed with,
and declared effective by, the Securities and Exchange Commission.
Any offer, if at all, will be made only by means of a prospectus,
including prospectus supplement, forming a part of the effective
registration statement. Copies of a prospectus, including
a prospectus supplement, with respect to this offering may
be obtained from Friedman, Billings, Ramsey & Co., Inc., 1001
19th Street North, Arlington, VA 22209, Attn: Prospectus Department,
(703) 312-9500.
AmeriCredit Corp. is the largest independent middle-market
auto finance Company in North America. Using its branch network
and strategic alliances with auto groups and banks, the Company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and nearly $15 billion in managed
auto receivables. The Company was founded in 1992 and is headquartered
in Fort Worth, Texas.
This press release contains several "forward-looking statements."
Forward-looking statements are those, which use words such
as "believe," "expect," "anticipate," "intend," "plan," "may,"
"will," "should," "estimate," "continue" or other comparable
expressions. These words indicate future events and trends.
Forward-looking statements are the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to many risks and uncertainties,
which could cause actual results to differ significantly from
historical results or from those anticipated by the Company.
The most significant risks are detailed from time to time
in the Company's filings and reports with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K for the year ended June 30, 2001. Such risks
include - but are not limited to - fluctuating interest rates,
dependence on credit facilities and securitization programs,
liquidity and capital needs, increased competition, regulatory
changes, tightening labor markets, and deteriorating portfolio
performance. It is advisable not to place undue reliance on
the Company's forward-looking statements. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
Return
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Announces
$600 Million Asset-Backed Securitization
FORT WORTH, Texas, September 6, 2002--AMERICREDIT CORP. (NYSE:ACF)
announced the pricing of a $600 million offering of automobile
receivables-backed securities through lead managers J.P. Morgan
Securities Inc. and Wachovia Securities, Inc. The company
uses net proceeds from securitization transactions to provide
long-term financing of automobile retail installment contracts.
The securities will be issued via an owner trust, AmeriCredit
Automobile Receivables Trust 2002-D, in four classes of Notes.
The weighted average coupon is 2.9%.
The Note Classes are rated by Standard & Poor's, Moody's Investors
Service, Inc. and Fitch, Inc. The ratings by Note Class are.
This transaction represents AmeriCredit's 35th securitization
of automobile receivables in which a total of almost $26 billion
of automobile receivables-backed securities has been issued.
AmeriCredit Corp. (NYSE:ACF) is the largest independent
middle-market auto finance company in North America. Using
its branch network and strategic alliances with auto groups
and banks, the company purchases installment contracts made
by auto dealers to consumers who are typically unable to obtain
financing from traditional sources. AmeriCredit has more than
one million customers throughout the United States and Canada
and nearly $15 billion in managed auto receivables. The company
was founded in 1992 and is headquartered in Fort Worth, Texas.
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Announces
New Credit Enhancement Facility
FORT WORTH, Texas, August 20, 2002--AMERICREDIT CORP. (NYSE:ACF)
announced today it has closed a $290 million credit enhancement
facility led by Deutsche Bank AG, New York Branch. Other financial
institutions providing credit support for the facility include
Barclays Bank PLC, JP Morgan Chase Bank, Wachovia Securities,
Inc. and Credit Suisse First Boston.
The company will use the facility to offer credit enhancement
for future senior subordinated securitization transactions
supplementing the Company's reinsurance commitments for credit
enhancement in bond insured transactions. The funding commitments
expire in August 2003.
"We are pleased to have completed this transaction with some
of our key financial partners," says Daniel Berce, AmeriCredit's
chief financial officer. "The new residual financing gives
us additional flexibility within our securitization program."
Except for the historical information contained herein, the
matters discussed in this news release include forward-looking
statements that involve risks and uncertainties detailed from
time to time in the Company's filings and reports with the
Securities and Exchange Commission including the Company's
annual report on Form 10-K for the period ended June 30, 2001.
Such risks include - but are not limited to - deteriorating
economic environment, adverse portfolio performance, reliance
on capital markets, fluctuating interest rates, increased
competition, regulatory changes and tightening labor markets.
These forward-looking statements are based on the beliefs
of the Company's management as well as assumptions made by
and information currently available to Company management.
Actual events or results may differ materially.
AmeriCredit Corp. (NYSE:ACF) is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $14 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas.
Return
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Executives
to Certify Financial Statements
FORT WORTH, Texas, August 13, 2002--AmeriCredit Corp. (NYSE:ACF)
today reiterated its prior announcement that Clifton H. Morris,
Executive Chairman of the Board; Michael R. Barrington, Chief
Executive Officer; and Daniel E. Berce, Chief Financial Officer,
will sign and file certifications with the Securities and
Exchange Commission (SEC) in connection with the Form 10-K
filing the Company will make next month.
The new Sarbanes-Oxley Act requires each Form 10-K and Form
10-Q filed after enactment of the Act to be accompanied by
a certification by the chief executive officer and the chief
financial officer that the report fully complies with certain
provisions of the Securities and Exchange Act and that the
information in the report fairly presents, in all material
respects, the company's financial condition and results of
operations. AmeriCredit, which concluded its fiscal year June
30, will file its Form 10-K with the SEC in mid-September,
and Morris, Barrington and Berce will provide certifications
in connection with the filing.
"AmeriCredit just completed its fiscal year at the end of
June, so we aren't required to file our certifications with
the SEC until next month. But as the leaders of many other
American companies file their certifications this week, we
want to reaffirm our commitment to comply with the new law,"
Barrington said. "We want our shareholders, customers and
team members to know we fully believe in AmeriCredit and the
accuracy and completeness of its financial statements."
The company first announced plans to certify its financial
statements during its quarterly conference call with shareholders
August 7, 2002.
AmeriCredit Corp. (NYSE:ACF) is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases retail installment contracts made by auto dealers
to consumers who are typically unable to obtain financing
from traditional sources. AmeriCredit has more than one million
customers throughout the United States and Canada and more
than $14 billion in managed auto receivables. The company
was founded in 1992 and is headquartered in Fort Worth, Texas.
For more information, visit www.americredit.com.
Return
to headlines
Announces
$1.3 Billion Asset-backed Securitization
FORT WORTH, Texas, August 8, 2002--AmeriCredit Corp. (NYSE:ACF)
announced the pricing of a $1.3 billion offering of automobile
receivables-backed securities through lead managers Credit
Suisse First Boston and Barclays Capital and co-managers Deutsche
Bank, J.P. Morgan Securities Inc. and Morgan Stanley.
The company uses proceeds from securitization transactions
to provide long-term financing of automobile retail installment
contracts.
This transaction represents AmeriCredit's 34th securitization
of automobile receivables in which a total of more than $25
billion of automobile receivables-backed securities has been
issued.
AmeriCredit Corp. (NYSE:ACF) is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $14 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas.
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Reports
Record Fourth Quarter and Fiscal Year Operating Results
FORT WORTH, Texas, August 6, 2002-- AMERICREDIT CORP. (NYSE:ACF)
today announced record net income of $96.5 million, or $1.06
per share, for its fourth fiscal quarter ended June 30, 2002,
versus earnings of $71.7 million, or $0.81 per share, for
the same period a year earlier. On a comparative basis, net
income increased 35% and earnings per share rose 31%.
For the fiscal year ended June 30, 2002, AmeriCredit reported
net income of $347.5 million, or $3.87 per share, versus earnings
of $222.9 million, or $2.60 per share, for the fiscal year
ended June 30, 2001. On a comparative basis, net income increased
56% and earnings per share rose 49%.
Automobile loan purchases were $2.43 billion for the fourth
quarter of fiscal 2002, an increase of 25% over loan purchases
of $1.94 billion for the fourth quarter of fiscal 2001. AmeriCredit's
managed auto receivables totaled $14.76 billion at June 30,
2002, an increase of 45% since June 30, 2001.
Annualized net charge-offs were 5.2% of average managed auto
receivables for the fourth quarter of fiscal 2002, consistent
with previous guidance. This compares to net charge-offs of
4.8% last quarter and 3.6% for the fourth quarter of fiscal
2001. Managed auto receivables more than sixty days delinquent
were 3.3% of total managed auto receivables at June 30, 2002,
compared to 2.5% at June 30, 2001.
"The June quarter capped another successful fiscal year at
AmeriCredit," said Michael R. Barrington, chief executive
officer of AmeriCredit Corp. "Our plan for the quarter was
to moderate our growth rate and maintain our solid financial
results, and we met those goals. We grew loan volume by 25%
and net income by 35%, and I couldn't be more pleased with
these accomplishments."
REGULATION FD
The Company projects it will originate $2.35 billion to $2.55
billion in auto loans during its first fiscal quarter ending
September 30, 2002, and $10.25 billion to $11.05 billion in
auto loans during the fiscal year ending June 30, 2003.
Earnings per share are projected in a range of $1.06 to $1.09
for the quarter ending September 30, 2002, and $4.45 to $4.65
for the fiscal year ending June 30, 2003.
AmeriCredit will host a conference call for analysts and
investors at 9:00 A.M. Eastern Daylight Time on Wednesday,
August 7, 2002. For a live Internet broadcast of this conference
call, please go to the Company's Web site to register, download
and install any necessary audio software. For those who cannot
listen to the live broadcast, a replay will be available shortly
after the call.
AmeriCredit Corp. is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $14 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas. For more information,
visit www.americredit.com.
Except for the historical information contained herein, the
matters discussed in this news release include forward-looking
statements that involve risks and uncertainties detailed from
time to time in the Company's filings and reports with the
Securities and Exchange Commission including the Company's
annual report on Form 10-K for the period ended June 30, 2001.
Such risks include - but are not limited to - deteriorating
economic environment, adverse portfolio performance, reliance
on capital markets, fluctuating interest rates, increased
competition, regulatory changes and tightening labor markets.
These forward-looking statements are based on the beliefs
of the Company's management as well as assumptions made by
and information currently available to Company management.
Actual events or results may differ materially.
Return
to headlines
To
Webcast Analyst Conference Call On Fourth Quarter Operating
Results
FORT WORTH, Texas, July 23, 2002--AmeriCredit Corp. (NYSE:ACF)
will release its fourth quarter and fiscal year 2002 operating
results on August 6, 2002 after stock market close. Clifton
H. Morris, Jr., Executive Chairman of the Board; Michael R.
Barrington, Vice Chairman, CEO & President; and Daniel E.
Berce, Vice Chairman and Chief Financial Officer, will host
an analyst conference call on August 7 at 9:00 a.m. Eastern
Daylight Time to discuss AmeriCredit's operating results for
the period.
This call will be broadcast live for all interested parties
via the Company's Web site at www.americredit.com. It is necessary
to go to the Company's Web site to register, download and
install any necessary audio software prior to the call. For
those who cannot listen to the live broadcast, a replay will
be available shortly after the call.
AmeriCredit Corp. is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $13 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas.
Return
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To
Present At Equity Conference
FORT WORTH, Texas, June 24, 2002--AMERICREDIT CORP. (NYSE:ACF)
will be presenting at the 12th Annual Wachovia Securities
Nantucket Equity Conference on June 25, 2002 at 2:30 p.m.
EDT. Michael R. Barrington, CEO & President and Daniel E.
Berce, Chief Financial Officer, will be presenting on behalf
of the Company.
This presentation can be accessed by visiting the Investors
section of the Company's Web site, www.americredit.com. This
event will be broadcast live and available for replay.
AmeriCredit Corp. is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $13 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas.
Return
to headlines
Completes Issuance
of $175 Million 9 1/4 Percent Senior Notes Due 2009
FORT WORTH, Texas, June 19, 2002--AmeriCredit Corp. (NYSE:ACF)
announced today that it completed the issuance of $175 million
9 1/4% Senior Notes due 2009 and that as of 5:00 p.m., New
York City time, on June 19, 2002 (the "Consent Date"), it
had received the tenders and consents related to its outstanding
9 1/4% Senior Notes due 2004 (the "Notes"). As of the Consent
Date, tenders and consents representing approximately 77.4%
of the $175 million aggregate principal amount outstanding
of the Notes were received by Bank One, N.A., as depositary
and trustee for the Notes (the "Trustee"), and accepted for
payment by AmeriCredit.
The total consideration of $1,023.13 per $1,000 principal
amount of Notes validly tendered on or prior to the Consent
Date will be deposited by AmeriCredit with the Trustee on
or about June 20, 2002. Furthermore, AmeriCredit and the Trustee
have executed supplemental indentures, as described in AmeriCredit's
Offer to Purchase and Consent Solicitation Statement dated
June 6, 2002 (the "Offer to Purchase"). AmeriCredit will pay
for the Notes with the net proceeds of the issuance of $175
million 9 1/4% Senior Notes due 2009 which it issued today.
Holders who validly tender their Notes after the Consent
Date and prior to 12:00 midnight on Wednesday, July 3, 2002
(the "Expiration Date") are entitled to receive the purchase
price for their Notes equal to the total consideration minus
the consent payment, or $1,003.13 for each $1,000 principal
amount of Notes tendered after the Consent Date but prior
to the Expiration Date.
In addition, AmeriCredit confirmed that it intends to call
for redemption any Notes not tendered in the tender offer
at a redemption price of $1,023.13 per $1,000 principal amount
of such Notes. This press release does not constitute a call
for redemption, which may be made at a later date in accordance
with the indentures.
Bear, Stearns & Co. Inc. is the dealer manager for the tender
offer and solicitation agent for the consent solicitation.
Questions or requests for assistance may be directed to Bear
Stearns at 877-696-BEAR (toll free). Requests for documentation
may be directed to D.F. King & Co., Inc., the information
agent for the tender offer and the consent solicitation at
800-549-6746 (toll free). Beneficial owners may also contact
their broker, dealer, commercial bank, trust company or other
nominee for assistance concerning the tender offer and consent
solicitation.
This announcement shall not constitute an offer to purchase,
a solicitation of an offer to purchase or a solicitation of
consents with respect to any securities. The tender offer
and consent solicitation is being made solely by the Offer
to Purchase and the related letter of transmittal and consent.
AmeriCredit Corp. (NYSE:ACF - News) is the largest independent
middle-market auto finance company in North America. Using
its branch network and strategic alliances with auto groups
and banks, the company purchases installment contracts made
by auto dealers to consumers who are typically unable to obtain
financing from traditional sources. AmeriCredit has more than
one million customers throughout the United States and Canada
and more than $13 billion in managed auto receivables. The
company was founded in 1992 and is headquartered in Fort Worth,
Texas.
This press release contains several "forward-looking statements."
Forward-looking statements are those, which use words such
as "believe," "expect," "anticipate," "intend," "plan," "may,"
"will," "should," "estimate," "continue" or other comparable
expressions. These words indicate future events and trends.
Forward-looking statements are the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to many risks and uncertainties,
which could cause actual results to differ significantly from
historical results or from those anticipated by the Company.
The most significant risks are detailed from time to time
in the Company's filings and reports with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K for the year ended June 30, 2001. Such risks
include - but are not limited to - fluctuating interest rates,
dependence on credit facilities and securitization programs,
liquidity and capital needs, increased competition, regulatory
changes, tightening labor markets, and deteriorating portfolio
performance. It is advisable not to place undue reliance on
the Company's forward-looking statements. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
Return
to headlines
Commences Tender
Offer for Its 9 1/4% Senior Notes Due 2004
FORT WORTH, Texas, June 5, 2002--AmeriCredit Corp. (NYSE:ACF)
announced today that it intends to commence a tender offer
and consent solicitation for all of its outstanding 9 1/4%
Senior Notes due 2004. AmeriCredit intends to fund the tender
offer with the net proceeds from its proposed issuance of
$300 million aggregate principal amount of notes. The tender
offer is conditioned upon the consummation of the proposed
sale of the notes and other general conditions.
In connection with the tender offer, AmeriCredit will be
soliciting consents to proposed amendments to the indentures
governing the 9 1/4% Senior Notes due 2004. The proposed amendments
would eliminate substantially all of the restrictive covenants
and certain events of default from the indentures governing
the notes. Holders that tender their notes will be required
to consent to the proposed amendments, and holders that consent
to the proposed amendments will be required to tender their
notes. Tendering holders who validly tender their notes and
deliver consents by the consent date, which is Wednesday,
June 19, 2002, will receive total consideration of $1,023.13
per $1,000 principal amount of such notes. The total consideration
includes a consent payment of $20.00 per $1,000 principal
amount of 9 1/4% Senior Notes due 2004. Holders who validly
tender their notes after the consent date will only receive
tender consideration of $1,003.13 and will not receive the
consent payment.
The consent solicitation will expire at 5:00 P.M. New York
City time, on Wednesday, June 19, 2002, and the tender offer
will expire at 12:00 midnight, New York City time on Wednesday,
July 3, 2002, in each case unless extended or earlier terminated
by AmeriCredit. AmeriCredit currently plans to redeem, at
a redemption price of $1,023.13 per $1,000 principal amount
of such notes, all untendered 9 1/4% Senior Notes due 2004
in accordance with the terms and conditions of the indentures
governing the notes.
Copies of the tender offer and consent solicitation documents
can be obtained by contacting D.F. King & Co., Inc., the Information
Agent for the consent solicitation, at (800) 431-9642.
Bear, Stearns & Co. Inc. is acting as Dealer Manager for
the tender offer and Solicitation Agent for the consent solicitation.
Questions concerning the tender offer and the consent solicitation
may be directed to Bear, Stearns & Co. Inc., Global Liability
Management Group, at (877) 696-2327.
This press release is not an offer to purchase nor a solicitation
of acceptance of the offer to purchase, which may be made
only pursuant to the terms of the Offer to Purchase and Consent
Solicitation Statement and related Letter of Transmittal and
Consent. The consent solicitation is being made solely by
the Offer to Purchase and Consent Solicitation Statement dated
June 6, 2002, and related documents (as may be amended from
time to time), and those documents should be consulted for
additional information regarding delivery procedures and the
conditions for the tender offer and consent solicitation.
This press release shall not constitute a notice of redemption
of the notes.
AmeriCredit Corp. is the largest independent middle-market
auto finance company in North America. Using its branch network
and strategic alliances with auto groups and banks, the company
purchases installment contracts made by auto dealers to consumers
who are typically unable to obtain financing from traditional
sources. AmeriCredit has more than one million customers throughout
the United States and Canada and more than $13 billion in
managed auto receivables. The company was founded in 1992
and is headquartered in Fort Worth, Texas. For more information,
visit www.americredit.com.
This press release contains several "forward-looking statements."
Forward-looking statements are those, which use words such
as "believe," "expect," "anticipate," "intend," "plan," "may,"
"will," "should," "estimate," "continue" or other comparable
expressions. These words indicate future events and trends.
Forward-looking statements are the Company's current views
with respect to future events and financial performance. These
forward-looking statements are subject to many risks and uncertainties,
which could cause actual results to differ significantly from
historical results or from those anticipated by the Company.
The most significant risks are detailed from time to time
in the Company's filings and reports with the Securities and
Exchange Commission, including the Company's Annual Report
on Form 10-K for the year ended June 30, 2001. Such risks
include - but are not limited to - fluctuating interest rates,
dependence on credit facilities and securitization programs,
liquidity and capital needs, increased competition, regulatory
changes, tightening labor markets, and deteriorating portfolio
performance. It is advisable not to place undue reliance on
the Company's forward-looking statements. The Company undertakes
no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise.
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