AmeriCredit to sell $300 million notes

New York, June 5 - AmeriCredit Corp. said it will sell $300 million of notes.

Proceeds will be used to fund a tender offer and consent solicitation for its outstanding 9¼% senior notes due 2004.

The Fort Worth, Texas auto finance company did not disclose further details of the new deal.

The consent solicitation for the existing notes would eliminate substantially all restrictive covenants and certain events of default from the indentures.

Holders who tender will be required to consent to the amendments and holders that consent to the amendments will be required to tender.

Holders who validly tender their notes and deliver consents by the consent date, Wednesday June 19, will receive $1,023.13 per $1,000 principal amount including a consent payment of $20.00 per $1,000 principal amount.

After that date holders will receive $1,003.13 and will not receive the consent payment.

The consent solicitation expires at 5:00 p.m. ET on June 19 and the tender offer expires at midnight ET on July 3.

AmeriCredit said it plans to redeem at a price of $1,023.13 per $1,000 principal amount all untendered 9¼% notes due 2004.

Bear, Stearns & Co. Inc. is dealer manager for the tender offer and solicitation agent for the consent solicitation.

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