CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance extends $200M warehouse facility maturity to Sep 2026, rate up 23.6 bps

CREDIT ACCEPTANCE CORP

Revolving secured warehouse facility maturity extended to Sep 21, 2026 from Sep 1, 2024.
Interest rate increased from SOFR+201.4 bps to SOFR+225 bps.
No outstanding balance as of Sep 21, 2023.
No other material changes to facility terms.

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 $200.0 million with Citizens Bank, N.A. at SOFR plus 225 basis points maturing September 21, 2026.

Instrument: revolving credit
Principal: $200.0 million
Counterparty: Citizens Bank, N.A.
Rate: SOFR plus 225 basis points
Maturity: September 21, 2026
Event: amendment

Exact text from the filing

21, 2023, among the Company, CAC Warehouse Funding LLC VIII, Citizens Bank, N.A., and Computershare Trust Company, N.A. The Warehouse Amendment extends the date on which our $200.0 million revolving secured warehouse facility will cease to revolve from September 1, 2024 to September 21, 2026. The interest rate on borrowings under the facility has increased from

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Source: SEC EDGAR

accession 0000885550-23-000102

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