CACC - Credit Acceptance upsizes revolving warehouse facility to $200M

• Credit Acceptance ( NASDAQ: CACC ) said Tuesday it increased one of its revolving secured warehouse facilities to $200M from $125.
• The auto lender also extended the date when the facility will cease to revolve from December 18, 2023 to December 29, 2025.
• The facility's maturity was also extended from December 16, 2025 to December 27, 2027.
• Interest rate on borrowings under the facility increased from SOFR plus 235 bps to SOFR plus 245 bps. The servicing fee decreased from 6% to 4% of collections on underlying consumer loans.
• As of Tuesday, the company did not have a balance outstanding under the facility.
• The firm also extended its $100M asset-backed non-recourse secured financing from February 15, 2023 to December 16, 2024.
• The amendment also increased the interest rate under the financing from SOFR plus 208.5 bps to SOFR plus 220 bps and decreased servicing fee from 6% to 4.% of collections on underlying consumer loans.
• Read why SA contributor Aristofanis Papadatos believes Credit Acceptance ( CACC ) has become interesting again .

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