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Newswire

General Motors said readying $3 billion auto bond

NEW YORK, July 29 (Reuters) - General Motors Acceptance Corp. (GMAC) plans to offer this week some $3 billion in asset-backed bonds pooling auto loans it made to General Motors car buyers, market sources said on Monday.

The transaction is being managed by Deutsche Banc Alex. Brown, Banc One Capital Markets and Credit Suisse First Boston.

Co-managers include Banc of America.

The offering is expected to be sold as a multi-class offering.

GMAC is the finance arm of General Motors Corp. .

Following are early terms and conditions of the planned offering.

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Class A1 (not offered)

Issue Amount $1.16 billion

Average Life 1.40 year

Benchmark one month Libor

Ratings Aaa (Moody's), AAA (S&P)

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Class A2

Issue Amount $344 million

Average Life 2.15 years

Benchmark interpolated swaps

Ratings Aaa (Moody's), AAA (S&P)

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Class A2 (floating)

Issue Amount $344 million

Average Life 2.15 years

Spread one-month Libor

Ratings Aaa (Moody's), AAA (S&P)

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Class A3

Issue Amount $766 million

Average Life 3 years

Spread 3-year swaps

Ratings Aaa (Moody's), AAA (S&P)

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Class A4

Issue Amount $334 million

Average Life 3.76 years

Spread one-month Libor

Ratings Aaa (Moody's), AAA (S&P)

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Class B

Issue Amount $91 million

Average Life 2.25 years

Spread interpolated swaps

Ratings A2 (Moody's), A (S&P)