CACC - Credit Acceptance Announces Closing of $600.0 Million Senior Notes Offering and Completion of Tender Offer for Senior Notes Due 2024 | Benzinga
Southfield, Michigan, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (NASDAQ:CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today the closing of the Company's previously announced offering of $600.0 million aggregate principal amount of its 9.250% senior notes due 2028 (the "notes") at an issue price of 100% of the principal amount of the notes in a private offering exempt from registration under the Securities Act of 1933, as amended (the "Securities Act").
The Company also announced today the completion of its previously announced cash tender offer (the "Offer") for any and all of its 5.125% senior notes due 2024 (the "2024 notes"), which expired at 5:00 p.m., New York City time, on December 14, 2023 (the "Expiration Time"). A total of $322,270,000 aggregate principal amount of 2024 notes was validly tendered and not validly withdrawn at or before the Expiration Time, representing approximately 80.6% of the $400.0 million aggregate principal amount of 2024 notes then outstanding. The complete terms and conditions of the Offer were set forth 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.
The Company today accepted for purchase and paid for all the 2024 notes validly tendered in the Offer and not validly withdrawn at or before the Expiration Time. Holders of 2024 notes who validly tendered (and did not validly withdraw) their 2024 notes in the Offer at or before the Expiration Time received in cash $1,000 per $1,000 principal amount of 2024 notes accepted for purchase pursuant to the Offer to Purchase, plus accrued and ...