Credit Acceptance Announces Completion of $300.0 Million Asset-Backed Financing
Credit Acceptance Corporation (CACC)
Last credit acceptance corporation earnings: 1/30 04:02 pm
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US:NASDAQ Investor Relations:
ir.creditacceptance.com/investor-relations
Company Research
Source: GlobeNewswire
Southfield, Michigan, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today the completion of a $300.0 million asset-backed non-recourse secured financing (the “Financing”). Pursuant to this transaction, we conveyed loans having a value of approximately $375.1 million to a wholly owned special purpose entity that will pledge the loans to institutional lenders under a loan and security agreement. We will issue three classes of notes: Note Class Amount Interest Rate A $139,220,000 5.79% B $62,180,000 6.03% C $98,600,000 6.67% The Financing will: have an expected average annualized cost of approximately 6.3% including upfront fees and other costs;revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans; andbe used by us to repay outstanding indebtedness and for general corporate purposes. We will receiv
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CACC
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- Credit Acceptance Announces Increase and Extension of Revolving Secured Warehouse Facility [Yahoo! Finance]Yahoo! Finance
- Credit Acceptance Announces Increase and Extension of Revolving Secured Warehouse FacilityGlobeNewswire
- Credit Acceptance Named a 2024 Top Workplace in Michigan by the Detroit Free Press [Yahoo! Finance]Yahoo! Finance
CACC
Earnings
- 10/30/24 - Miss
CACC
Sec Filings
- 12/19/24 - Form 4
- 12/17/24 - Form 144
- 12/10/24 - Form 8-K
- CACC's page on the SEC website