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

CREDIT ACCEPTANCE CORP

Contributed loans valued at ~$500.1M to special purpose entity Funding 2023-2.
Issued three note classes: $210.6M A (5.92%, 2.44yr avg life), $86.1M B (6.61%, 3.06yr), $103.3M C (7.15%, 3.47yr).
Expected average annualized cost of ~6.8% including initial purchasers' fees.
Financing revolves for 24 months then amortizes from loan cash flows.
Proceeds to repay outstanding indebtedness and for general corporate purposes.

item 1.01 item 2.03 item 8.01 item 9.01

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 debt of $400.0 million at 6.8% maturing 24 months.

Principal: $400.0 million
Rate: 6.8%
Maturity: 24 months
Event: incurrence

Exact text from the filing

On May 25, 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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CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-23-000059

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