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AFS SenSub

Filed: 17 Jun 21, 4:46pm

 

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)

June 16, 2021

AmeriCredit Automobile Receivables Trust 2021-2

(Exact name of registrant as specified in its charter)

AFS SenSub Corp.

(Exact name of depositor as specified in its charter)

AmeriCredit Financial Services, Inc.

(Exact name of sponsor as specified in its charter)

 

Delaware

(State or Other Jurisdiction of

Incorporation)

 

333-228632-08

(Commission File

Number)

 

86-6761976

(I.R.S. Employer Identification No.)

c/o AmeriCredit Financial Services, Inc.

Attention: Frank E. Brown III, Esq.

801 Cherry Street, Suite 3500

Fort Worth, Texas

(Address of Principal Executive Offices)

 

76102

(Zip Code)

Registrant’s telephone number including area code - (817) 302-7000

 

 

(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))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

None None None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 


Item 1.01.

Entry into a Material Definitive Agreement.

AFS SenSub Corp. (“AFS SenSub”), as depositor, and AmeriCredit Financial Services, Inc. (“AmeriCredit”), as sponsor, have caused a newly formed issuing entity, AmeriCredit Automobile Receivables Trust 2021-2 (the “Issuing Entity”), to issue $195,000,000 Class A-1 Asset Backed Notes (the “Class A-1 Notes”), $380,620,000 Class A-2 Asset Backed Notes (the “Class A-2 Notes”), $221,230,000 Class A-3 Asset Backed Notes (the “Class A-3 Notes”), $84,770,000 Class B Asset Backed Notes (the “Class B Notes”), $105,230,000 Class C Asset Backed Notes (the “Class C Notes”), $80,140,000 Class D Asset Backed Notes (the “Class D Notes” and together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes and the Class C Notes, the “Publicly Offered Notes”), $33,280,000 Class E Asset Backed Notes (the “Class E Notes” and together with the Publicly Offered Notes, the “Notes”), and an Asset Backed Certificate (the “Certificate”), on June 16, 2021 (the “Closing Date”). The Publicly Offered Notes are registered under the Registration Statement. This Current Report on Form 8-K is being filed to satisfy an undertaking to file copies of certain agreements to be executed in connection with the issuance of the Publicly Offered Notes, the forms of which were filed as Exhibits to the Registration Statement.

The Notes evidence indebtedness of the Issuing Entity, the assets of which consist primarily of “sub-prime” automobile loan contracts (the “Receivables”) secured by new and used automobiles, light duty trucks and vans. The Publicly Offered Notes will be sold to Barclays Capital Inc. (“Barclays”), Goldman Sachs & Co. LLC (“Goldman”), Mizuho Securities USA LLC (“Mizuho”) and RBC Capital Markets, LLC (“RBC Capital Markets” and collectively with Barclays, Goldman and Mizuho, the “Representatives”), BMO Capital Markets Corp. (“BMO Capital Markets”), BNP Paribas Securities Corp. (“BNP Paribas”), Morgan Stanley & Co. LLC (“Morgan Stanley”) and TD Securities (USA) LLC (“TD Securities” and collectively with the Representatives, BMO Capital Markets, BNP Paribas and Morgan Stanley, the “Underwriters”), pursuant to the Underwriting Agreement attached hereto as Exhibit 1.1, dated as of June 8, 2021 (the “Underwriting Agreement”), among AmeriCredit, AFS SenSub and the Representatives.

 

Item 8.01.

Other Events.

The Issuing Entity was formed, and the Certificate was issued, pursuant to the Trust Agreement, attached hereto as Exhibit 4.2, dated as of May 5, 2021, as amended and restated as of June 16, 2021 (the “Trust Agreement”), between AFS SenSub and Wilmington Trust Company (“WTC”), as Owner Trustee. The Notes were issued pursuant to the Indenture, attached hereto as Exhibit 4.1, dated as of June 16, 2021 (the “Indenture”), between the Issuing Entity and Citibank, N.A. (“Citibank”), as Trustee and Trust Collateral Agent.

AFS SenSub purchased the Receivables from AmeriCredit pursuant to the Purchase Agreement, attached hereto as Exhibit 10.1, dated as of June 16, 2021 (the “Purchase Agreement”), between AmeriCredit and AFS SenSub. The Issuing Entity purchased the Receivables from AFS SenSub pursuant to the Sale and Servicing Agreement, attached hereto as Exhibit 4.3, dated as of June 16, 2021 (the “Sale and Servicing Agreement”), among the Issuing Entity, AFS SenSub, AmeriCredit and Citibank, as Trust Collateral Agent.

AmeriCredit, as Servicer, has agreed to perform servicing duties with regard to the Receivables pursuant to the Sale and Servicing Agreement and has also agreed to serve as custodian of the Receivables pursuant to the Sale and Servicing Agreement.

 

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The Issuing Entity has engaged Clayton Fixed Income Services LLC (“Clayton”) as Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, attached hereto as Exhibit 10.6, dated as of June 16, 2021 (the “Asset Representations Review Agreement”), among the Issuing Entity, AmeriCredit, as Servicer, and Clayton, as Asset Representations Reviewer. The Asset Representations Reviewer has agreed to perform reviews of certain Receivables for compliance with the representations and warranties made by AmeriCredit and AFS SenSub about the Receivables.

 

Item 9.01.

Financial Statements, Pro Forma Financial Information and Exhibits.

 

(a)

Not applicable.

 

(b)

Not applicable.

 

(c)

Not applicable.

 

(d)

Exhibits:

  1.1     Underwriting Agreement, dated as of June  8, 2021, among AmeriCredit, as Sponsor, AFS SenSub, as Seller, and the Representatives (see Exhibit 1.1 to Form 8-K filed on June 10, 2021, in connection with Registration Statement Nos. 333-228632 and 333-228632-08, which is incorporated by reference herein).

  4.1    Indenture, dated as of June  16, 2021, between the Issuing Entity and Citibank, as Trustee and Trust Collateral Agent.

  4.2    Amended and Restated Trust Agreement, dated as of June  16, 2021, between AFS SenSub and WTC, as Owner Trustee.

  4.3      Sale and Servicing Agreement, dated as of June 16, 2021, among the Issuing Entity, AmeriCredit, as Servicer, AFS SenSub and Citibank, as Trust Collateral Agent.

  5.1     Opinion of Katten Muchin Rosenman LLP with respect to validity (see Exhibit 5.1 to Form 8-K filed on June  16, 2021, in connection with Registration Statement Nos. 333-228632 and 333-228632-08, which is incorporated by reference herein).

  8.1     Opinion of Katten Muchin Rosenman LLP with respect to tax matters (see Exhibit 8.1 to Form 8-K filed on June 16, 2021, in connection with Registration Statement Nos. 333-228632 and 333-228632-08, which is incorporated by reference herein).

  10.1     Purchase Agreement, dated as of June 16, 2021, between AmeriCredit, as Seller, and AFS SenSub, as Purchaser.

  10.6    Asset Representations Review Agreement, dated June  16, 2021, among the Issuing Entity, AmeriCredit, as Servicer, and Clayton, as Asset Representations Reviewer.

  10.7     Second Amended and Restated Servicing Agreement, dated as of January  1, 2006, between AmeriCredit and General Motors Financial of Canada, Ltd. (see Exhibit 10.3 to Form SF-3 filed on November 30, 2018, in connection with Registration Statement No. 333-228632, which is incorporated by reference herein).

 

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SIGNATURES

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 AUTOMOBILE RECEIVABLES TRUST 2021-2
By:      AmeriCredit Financial Services, Inc., as Servicer
By: /s/ Frank E. Brown III                                    
Name: Frank E. Brown III

Title: Senior Vice President, Corporate Counsel and Secretary

Dated: June 17, 2021

 

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