secwatch.observer — SEC 8-K summary
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Issuer:     CREDIT ACCEPTANCE CORP (CACC)
CIK:        0000885550
Form:       8-K
Filed at:   2023-12-19T23:59:59+00:00
Accession:  0000885550-23-000140
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000140/0000885550-23-000140-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/885550/000088555023000140/cacc-20231219.htm
  HTML page:      https://secwatch.observer/filing/0000885550-23-000140

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer