Credit Acceptance amends loan, pushing out maturity, revising pricing

By Sara Rosenberg

New York, June 9 - Credit Acceptance Corp. amended its $150 million credit facility on Wednesday, extending the maturity to June 22, 2012 from June 23, 2011, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the extended facility is Libor plus 225 basis points with a 0.75% Libor floor, whereas, prior to the extension, pricing was Libor plus 275 bps with a 1.5% Libor floor.

Comerica Bank is the administrative agent on the deal.

Credit Acceptance is a Southfield, Mich.-based provider of auto loans.

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