CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $400M asset-backed secured financing, notes 6.39%-7.62%

CREDIT ACCEPTANCE CORP

Conveyed $500.1M consumer loans to trust; issued three note classes totaling $400M.
Class A ($209.4M, 2.44yr avg life, 6.39%), B ($90.6M, 3.06yr, 7.09%), C ($100.0M, 3.47yr, 7.62%).
Expected average annualized cost ~7.3% including fees; 24-month revolving period then amortization.
Proceeds used to repay outstanding debt and for general corporate purposes.
Financing is non-recourse to Credit Acceptance, preserving dealer holdback rights.

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 with Computershare Trust Company, N.A. at 6.39% / 7.09% / 7.62%.

Instrument: senior notes
Principal: $400.0 million
Counterparty: Computershare Trust Company, N.A.
Rate: 6.39% / 7.09% / 7.62%
Event: incurrence

Exact text from the filing

On August 24, 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 0000885550-23-000099

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