Credit Acceptance closes $600M 9.25% notes, tenders $322M of 2024 notes

CREDIT ACCEPTANCE CORP

Issued $600M aggregate principal of 9.250% Senior Notes due 2028 at 100% of par.
Tender offer for $400M 5.125% 2024 notes closed; $322.27M (80.6%) validly tendered.
Net proceeds ~$591.5M; used to pay tender consideration, fees, and redeem remaining 2024 notes.
Remaining 2024 notes to be redeemed on Dec 31, 2023 at 100% of principal plus accrued interest.
Notes offered in private placement to QIBs; not registered under Securities Act.

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