Credit Acceptance closes $600M asset-backed securitization; notes bear 4.68-5.39% interest

CREDIT ACCEPTANCE CORP

Conveyed consumer loans valued at ~$750.2M to special-purpose trust.
Notes: Class A $316.5M at 4.68%; Class B $121.7M at 4.85%; Class C $161.9M at 5.39%.
Expected average annualized cost ~5.2% including fees; 24-month revolving period.
Proceeds to repay outstanding debt and for general corporate purposes.
Non-recourse to Credit Acceptance except for customary repurchase/indemnity obligations.

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