UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): 08/16/2007
AMERICREDIT CORP
(Exact name of registrant as specified in its charter)
Commission File Number: 001-10667
TX | | 752291093 |
(State or other jurisdiction of | | (IRS Employer |
incorporation) | | Identification No.) |
801 Cherry Street, Suite 3900, Fort Worth, TX 76102
(Address of principal executive offices, including zip code)
(817)302-7000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information to be included in the report
Item 1.01. Entry into a Material Definitive Agreement
On August 16, 2007, AmeriCredit Corp. announced that AmeriCredit Financial Services, Inc. ("AmeriCredit"), a wholly-owned subsidiary of AmeriCredit Corp., has entered into an amendment with Barclays Bank PLC concerning AmeriCredit's $500 million Repurchase Trust warehouse credit facility. The Repurchase Trust warehouse credit facility is a revolving warehouse line of credit under which AmeriCredit may finance automobile retail installment sale contract receivables that meet certain eligibility requirements and under which AmeriCredit services the receivables. Under this facility, AmeriCredit sells eligible receivables to a special purpose subsidiary, which in turn pledges the receivables as collateral for its borrowings under the facility. The amendment extended the commitment termination date from August 16, 2007 through August 14, 2008. The amendment also provides for improved advance rates on upcoming borrowings based upon the cumulative net losses of securitizations when called. A copy of the press release and the amendment are filed herewith as exhibits to this Form 8-K.
Affiliates of Barclays Bank PLC have also performed investment banking and advisory services for AmeriCredit from time to time to which they have received customary fees and expenses.
Item 9.01. Financial Statements and Exhibits
(d) ExhibitsThe following exhibit is filed herewith:
Exhibit No. Description of Exhibit
99.1 Press Released dated August 16, 2007, entitled "AmeriCredit Announces Extension of Repurchase Facility"
99.2 Amendment No. 11, dated August 16, 2007, to the Security Agreement, dated August 19, 2004, among Sheffield Receivables Corporation, AmeriCredit Repurchase Trust, AmeriCredit Financial Services, Inc., AFS Warehouse Corp. and Wells Fargo Bank, National Association
Signature(s)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | AMERICREDIT CORP |
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| Date: August 17, 2007 | | | | By: | | /s/ Chris A. Choate
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| | | | | | | | | Chris A. Choate |
| | | | | | | | | Executive Vice President, Chief Financial Officer and Treasurer |
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Exhibit Index
Exhibit No.
| | Description
|
| EX-99.1 | | Press Released dated August 16, 2007, entitled "AmeriCredit Announces Extension of Repurchase Facility" |
| EX-99.2 | | Amendment No. 11, dated August 16, 2007, to the Security Agreement, dated August 19, 2004, among Sheffield Receivables Corporation, AmeriCredit Repurchase Trust, AmeriCredit Financial Services, Inc., AFS Warehouse Corp. and Wells Fargo Bank, NA |
