CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance extends revolving credit facility to 2026; facility reduced to $390M

CREDIT ACCEPTANCE CORP

Maturity extended from June 22, 2025 to June 22, 2026.
Facility amount decreased net $20M from $410M to $390M (scheduled $25M decrease offset by $5M increase).
Outstanding balance as of June 22, 2023: $89.8 million.
No other material changes to the terms of the facility.

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 revolving credit of from $410.0 million to $390.0 million with Comerica Bank and the other banks signatory thereto (collectively, the "Banks") and Comerica Bank as administrative agent maturing June 22, 2026.

Instrument: revolving credit
Principal: from $410.0 million to $390.0 million
Counterparty: Comerica Bank and the other banks signatory thereto (collectively, the "Banks") and Comerica Bank as administrative agent
Maturity: June 22, 2026
Event: amendment

Exact text from the filing

set to decrease by $25.0 million on June 22, 2023, however this amendment increased the amount of the facility by $5.0 million resulting in a net decrease of $20.0 million, from $410.0 million to $390.0 million. As of June 22, 2023, we had $89.8 million outstanding under the revolving secured line of credit facility. The terms and conditions of this transaction are set

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Source: SEC EDGAR

accession 0000885550-23-000070

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