CREDIT ACCEPTANCE CORP (CACC): debt financing — Credit Acceptance closes $500M asset-backed non-recourse financing

CREDIT ACCEPTANCE CORP

$500M notes issued in 3 classes: A ($298M, 5.68%, 2.35yr), B ($64M, 6.03%, 2.82yr), C ($137M, 6.71%, 3.12yr).
Consumer loans valued at ~$625.2M conveyed to a special purpose trust as collateral.
Expected average annualized cost ~6.4% incl. fees; 24-month revolving period then amortization.
Proceeds used to repay outstanding indebtedness and for general corporate purposes.
Financing is non-recourse to Credit Acceptance; company earns 4% servicing fee, dealers' holdback preserved.

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 $500.0 million with Computershare Trust Company, N.A. at 5.68% / 6.03% / 6.71%.

Instrument: senior notes
Principal: $500.0 million
Counterparty: Computershare Trust Company, N.A.
Rate: 5.68% / 6.03% / 6.71%
Event: incurrence

Exact text from the filing

On March 28, 2024, Credit Acceptance Corporation (the "Company", "Credit Acceptance", "we", "our", or "us") entered into a $500.0 million asset-backed non-recourse secured financing (the "Financing").

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Source: SEC EDGAR

accession 0000885550-24-000049

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