CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $200M asset-backed non-recourse financing

CREDIT ACCEPTANCE CORP

Conveyed loans worth ~$252M to SPE; three note classes: A ($100.8M at 6.98%), B ($45.1M at 7.81%), C ($54.1M at 8.24%).
Expected average annualized cost ~8.6% including fees; revolving for 24 months then amortizing from loan cash flows.
Proceeds used to repay outstanding indebtedness and for general corporate purposes; Company retains 4% servicing fee.
Financing structured to preserve dealer holdback rights and not affect dealer contractual relationships.

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 $200.0 million with institutional lender at expected average annualized cost of approximately 8.6% maturing revolve for 24 months after which it will amortize.

Instrument: senior notes
Principal: $200.0 million
Counterparty: institutional lender
Rate: expected average annualized cost of approximately 8.6%
Maturity: revolve for 24 months after which it will amortize
Event: incurrence

Exact text from the filing

On November 30, 2023, Credit Acceptance Corporation (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) entered into a $200.0 million asset-backed non-recourse secured financing (the “Financing”).

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110 debt financings filed in the last 30 days. Browse all debt financings →

CREDIT ACCEPTANCE CORP filing history →

Source: SEC EDGAR

accession 0000885550-23-000122

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