New York, New York - June 04, 2003
New York, June 4, 2003 – XL Capital Group Assurance Inc. (XLCA) announced today that it has issued a triple-A rated financial guarantee in connection with an $825 million securitization of automobile retail installment contracts for AmeriCredit Corp. The six-tranche, fixed- and floating-rate financing – increased from $600 million to meet investor demand – was widely distributed by joint bookrunners Deutsche Bank Securities and Credit Suisse First Boston.David C. Stevens, President of XLCA, said, “The significant increase in transaction size attests to the strong investor reception for this financing. XLCA looks forward to a long-term relationship with AmeriCredit.”XLCA, rated triple-A by Moody’s Investors Service, Standard & Poor’s Ratings Services and Fitch Ratings, is a New York-domiciled financial guarantee insurer that specializes in commercial and consumer asset securitization, structured funds, power & utilities, global infrastructure, future flow securitization, U.S. public finance, and deposit insurance.XLCA is an indirect, wholly owned subsidiary of XL Capital Ltd (NYSE: XL) which, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis.- Share This Article:
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