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)