FORT WORTH, Texas (AFX) - Auto finance company AmeriCredit Corp. on Monday said it plans to sell $500 million in convertible senior notes in a private offering to institutional buyers.
The company said it will offer $250 million principal amount of convertible senior notes due 2011, and another $250 million due 2013.
AmeriCredit said the interest rate, conversion rate and other terms of the notes will be decided in negotiations between the company and initial buyers. The company plans to grant a 15-day option to purchase up to $25 million of additional 2011 notes and up to $25 million of additional 2013 notes to cover over-allotments.
Shares of AmeriCredit closed up 2 cents to $22.43 on the New York Stock Exchange.
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