CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance expands warehouse facility to $200M, extends maturity to 2027; extends Term ABS 2021-1

CREDIT ACCEPTANCE CORP

Warehouse Facility V increased from $125M to $200M; maturity extended to Dec 2027.
Revolving period extended to Dec 2025; interest rate increased to SOFR+245bps; servicing fee cut to 4%.
Term ABS 2021-1 revolving period extended to Dec 2024; rate to SOFR+220bps; servicing fee to 4%.
No balance outstanding on warehouse facility as of Dec 27, 2022.
Fifth Third Bank is lender and agent for both facilities.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CREDIT ACCEPTANCE CORP amended term loan of $100.0 million with Fifth Third Bank, National Association at SOFR plus 220 basis points.

Instrument: term loan
Principal: $100.0 million
Counterparty: Fifth Third Bank, National Association
Rate: SOFR plus 220 basis points
Event: amendment

Exact text from the filing

the Company and Credit Acceptance Funding LLC 2021-1 entered into the Third Amendment to the Loan and Security Agreement (the "Amendment") with Fifth Third Bank, National Association, extending the $100.0 million asset-backed non-recourse secured financing that we entered into on January 29, 2021 and to which we refer as Term ABS 2021-1. Under the Amendment, the date on which Term ABS 2021-1 will cease to revolve has been extended from February 15, 2023 to December 16, 2024. The Amendment also increased the interest rate applicable to Term ABS 2021-1 from SOFR plus 208.5 basis points to SOFR plus 220 basis points

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CREDIT ACCEPTANCE CORP amended revolving credit of $200.0 million with Fifth Third Bank, National Association at SOFR plus 245 basis points maturing December 27, 2027.

Instrument: revolving credit
Principal: $200.0 million
Counterparty: Fifth Third Bank, National Association
Rate: SOFR plus 245 basis points
Maturity: December 27, 2027
Event: amendment

Exact text from the filing

The Warehouse Amendment increases the amount of Warehouse Facility V, one of our revolving secured warehouse facilities, from $125.0 million to $200.0 million and extends the date on which the facility will cease to revolve from December 18, 2023 to December 29, 2025. The maturity of the facility was also extended from December 16, 2025 to December 27, 2027. The interest rate on borrowings under the facility has increased from Secured Overnight Financing Rate ("SOFR") plus 235 basis points to SOFR plus 245 basis points

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110 debt financings filed in the last 30 days. Browse all debt financings →

CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-23-000002

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