Credit Acceptance pushes out $340 million revolver to 2023

By Wendy Van Sickle

Columbus, Ohio, Dec. 16 – Credit Acceptance Corp. extended the maturity of its revolving secured line-of-credit facility with a commercial bank syndicate to June 22, 2023 from June 22, 2022.

The amount of the facility will remain $340 million until June 22, 2022, when it will decrease to $305 million, according to a news release.

As of Tuesday, $65.3 million was outstanding under the revolver.

On Wednesday, the company also increased one of its revolving secured warehouse facilities to $125 million from $100 million. The date on which that facility will cease to revolve was pushed out until Dec. 18, 2023 from Aug. 17, 2021.

The maturity date was extended to Dec. 16, 2025 from Aug. 17, 2023.

Its interest rate was increased by 35 basis points to Libor plus 225 bps.

As of Wednesday, no borrowings were drawn on the warehouse facility.

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

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