Business
Credit Acceptance Corporation Announces Expiration and Results of Tender Offer For Any and All of Its $400,000,000 Aggregate Principal Amount of 5.125% Senior Notes Due 2024
Southfield, Michigan, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”,
About this update from Credit Acceptance Corporation
[{"type":"text","content":"Southfield, Michigan, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that its previously announced cash tender offer (the “Offer”) for any and all of the $400,000,000 aggregate principal amount of its 5.125% Senior Notes due 2024 with CUSIP number 225310AN1 (the “Notes”) expired at 5:00 p.m., New York City time, on December 14, 2023 (the “Expiration Time”). According to information provided by Global Bondholder Services Corporation, the tender agent and the information agent for the Offer, Notes in an aggregate principal amount of $322,270,000 were validly tendered and not validly withdrawn at or before the Expiration Time. This amount excludes Notes in an aggregate principal amount of $2,830,000 tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, including the related Notice of Guaranteed Delivery, dated December 5, 2023 (the “Offer to Purchase”), and in the related Letter of Transmittal, which remain subject to the holders’ performance of the delivery requirements under such procedures. The closing of the Offer is subject to a number of conditions that are set forth in the Offer to Purchase, including the successful completion by us of a new senior debt offering. If the conditions are satisfied, we expect to pay for the Notes that were validly tendered and not validly withdrawn at or before the Expiration Time on December 19, 2023 (the “Settlement Date”). Holders who validly tendered (and did not validly withdraw) their Notes at or before the Expiration Time will receive $1,000 for each $1,000 principal amount of Notes accepted by us for purchase in the Offer. Accrued and unpaid interest up to, but not including, the Settlement Date will be paid in cash on all validly tendered Notes accepted by us for purchase in the Offer. We intend to fund the purchase of the Notes that were validly tendered and not validly withdrawn at or before the Expiration Time with a portion of the proceeds from our previously announced senior debt offering, the closing of which is expected to occur on or about December 19, 2023, subject to customary closing conditions. Wells Fargo Securities, LLC has acted as the dealer manager in connection with the Offer. Copies of the Offer to Purchase, th...