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Credit Acceptance launches tender offer for 6 1/8% notes due 2021
By Marisa Wong
Los Angeles, Dec. 9 – Credit Acceptance Corp. said it has begun a cash tender offer for any and all of its $300 million 6 1/8% senior notes due 2021.
The offer will expire at 5 p.m. ET on Dec. 13.
Holders will receive $1,002.80 for each $1,000 principal amount of notes accepted for purchase.
The company will also pay accrued interest up to but excluding the payment date, which is expected to be Dec. 18.
The tender offer is conditioned on the company completing a new senior debt offering.
Wells Fargo Securities, LLC (866 309-6316 or 704 410-4756) is dealer manager for the tender offer. Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 866 794-2200 for all others, http://www.gbsc-usa.com/cac/) is the tender and information agent.
Southfield, Mich.-based Credit Acceptance provides consumer auto loans.
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