$CACC (CREDIT ACCEPTANCE) — 8-K: Credit Acceptance completes $600.0M asset-backed financing at ~5.5% cost

Credit Acceptance conveyed loans valued at approximately $750.2 million to a trust issuing three classes of notes in a $600.0 million asset-backed non-recourse secured financing. The financing has an expected average annualized cost of approximately 5.5% including upfront fees and other costs, revolves for 24 months, then amortizes based on conveyed loan cash flows. Proceeds will repay higher cost outstanding indebtedness and fund general corporate purposes. After the transaction, Credit Acceptance maintained approximately $1.8 billion in unused and available borrowing capacity on its revolving credit facilities and unrestricted cash.

Credit Acceptance conveyed loans valued at approximately $750.2 million to a trust issuing three classes of notes in a $600.0 million asset-backed non-recourse secured financing. The financing has an expected average annualized cost of approximately 5.5% including upfront fees and other costs, revolves for 24 months, then amortizes based on conveyed loan cash flows. Proceeds will repay higher cost outstanding indebtedness and fund general corporate purposes. After the transaction, Credit Acceptance maintained approximately $1.8 billion in unused and available borrowing capacity on its revolving credit facilities and unrestricted cash.