CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $400M asset-backed non-recourse financing with $500.2M loan pool

CREDIT ACCEPTANCE CORP

Three classes of notes: A ($209.3M, 6.48%), B ($86.4M, 7.02%), C ($104.3M, 7.71%).
Expected annualized cost of ~7.3% including initial purchasers' fees and other costs.
Financing revolves for 24 months, then amortizes from contributed loan cash flows.
Proceeds used to repay outstanding debt and for general corporate purposes.
Notes are non-recourse to Credit Acceptance, secured by all trust assets.

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 incurred senior notes of $400.0 million at expected annualized cost of approximately 7.3% maturing revolve for 24 months after which it will amortize.

Instrument: senior notes
Principal: $400.0 million
Rate: expected annualized cost of approximately 7.3%
Maturity: revolve for 24 months after which it will amortize
Event: incurrence

Exact text from the filing

On March 16, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $400.0 million asset-backed non-recourse secured financing (the "Financing").

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Source: SEC EDGAR

accession 0000885550-23-000029

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