AmeriCredit closes on $290 million facility

By Sara Rosenberg

New York, Aug. 20 - AmeriCredit Corp. closed on a $290 million credit enhancement facility expiring Aug. 2003 led by Deutsche Bank. Other institutions providing credit support for the facility include Barclays Bank plc, JP Morgan Chase Bank, Wachovia Securities, Inc. and Credit Suisse First Boston.

The Fort Worth, Tex. auto finance company's term loan will be used to offer credit enhancement for future senior subordinated securitization transactions.

The company is not disclosing interest rates at this time, a company spokesperson said.

"We are pleased to have completed this transaction with some of our key financial partners," said Daniel Berce, chief financial officer, in a news release. "The new residual financing gives us additional flexibility within our securitization program."

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