Credit Acceptance extends revolver maturity to 2021, raises pricing

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – Credit Acceptance Corp. extended the revolving period and the maturity date of its $100 million revolving secured warehouse facility and increased its interest rate, according to a press release.

The revolving period now terminates on Aug. 18, 2019, pushed from Sept. 10, 2017, and the maturity date has been extended to Aug 18, 2021, from Sept. 10, 2019.

Interest has been increased to Libor plus 225 basis points from Libor plus 165 bps.

There were no other material changes to the facility, and, as of Thursday, no borrowings were drawn on the revolver.

Southfield, Mich.-based Credit Acceptance provides consumer auto loans.

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