Credit Acceptance Announces Increase and Extension of Revolving Secured Warehouse Facility and Extension of $500.0 Million Asset-Backed Financing
19 Setembro 2024 - 5:02PM
Credit Acceptance Corporation (Nasdaq: CACC)
(referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or
“us”) announced today that we have increased the amount of
Warehouse Facility II (the “Facility”), one of our revolving
secured warehouse facilities, from $400.0 million to $500.0
million. We also extended the date on which the Facility will cease
to revolve from April 30, 2026 to September 20, 2027. The interest
rate on borrowings under the Facility has decreased from the
Secured Overnight Financing Rate (“SOFR”) plus 230 basis points to
SOFR plus 185 basis points.
There were no other material changes to the
Facility. As of September 19, 2024, we had $201.0 million
outstanding under the Facility.
Additionally, we announced today that we have
extended the $500.0 million asset-backed non-recourse secured
financing that we entered into on August 28, 2019 (the “Financing”)
and to which we refer as Term ABS 2019-2. Under the amendment
effecting the extension, the date on which the Financing will cease
to revolve has been extended from August 15, 2025 to September 15,
2026. The amendment also increased the interest rate under the
Financing from 5.15% to 5.43%.
There were no other material changes to the
terms of the Financing.
Description of Credit Acceptance
Corporation
We make vehicle ownership possible by providing
innovative financing solutions that enable automobile dealers to
sell vehicles to consumers regardless of their credit history. Our
financing programs are offered through a nationwide network of
automobile dealers who benefit from sales of vehicles to consumers
who otherwise could not obtain financing; from repeat and referral
sales generated by these same customers; and from sales to
customers responding to advertisements for our financing programs,
but who actually end up qualifying for traditional financing.
Without our financing programs, consumers are
often unable to purchase vehicles or they purchase unreliable ones.
Further, as we report to the three national credit reporting
agencies, an important ancillary benefit of our programs is that we
provide consumers with an opportunity to improve their lives by
improving their credit score and move on to more traditional
sources of financing. Credit Acceptance is publicly traded on the
Nasdaq Stock Market under the symbol CACC. For more information,
visit creditacceptance.com.
Investor Relations: Douglas W. Busk
Chief Treasury Officer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
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