CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance extends $400M warehouse facility to 2026, switches to SOFR+230bps

CREDIT ACCEPTANCE CORP

Facility maturity extended from April 30, 2024 to April 30, 2026.
Interest rate changed from LIBOR+175bps to SOFR+230bps; no other material changes.
Outstanding borrowings under the facility were $201.0 million as of April 28, 2023.
Facility size remains $400.0 million revolving secured warehouse line with Wells Fargo.
Amendment entered on April 28, 2023; press release issued the same day.

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 credit facility with Wells Fargo Bank, National Association at SOFR plus 230 basis points maturing April 30, 2026.

Instrument: credit facility
Counterparty: Wells Fargo Bank, National Association
Rate: SOFR plus 230 basis points
Maturity: April 30, 2026
Event: amendment

Exact text from the filing

On April 28, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into Amendment No. 1 to the Seventh Amended and Restated Loan and Security Agreement dated as of April 28, 2023, among the Company, CAC Warehouse Funding LLC II, and Wells Fargo Bank, National Association. The maturity of the facility was also extended from April 30, 2024 to April 30, 2026. The interest rate on borrowings under the facility has increased from LIBOR plus 175 basis points to Secured Overnight Financing Rate (“SOFR”) plus 230 basis points.

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Source: SEC EDGAR

accession 0000885550-23-000054

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