Southfield, Michigan, March 25, 2015 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation
(
NASDAQ: CACC) (referred to as the
"Company", "Credit Acceptance", "we", "our", or "us") announced
today it priced $250 million of its 7.375% senior notes due 2023
(the "notes") in its previously-announced offering. The issue price
is 99.266% of the principal amount of the notes. The closing of the
sale of the notes is expected to occur on or about March 30, 2015,
subject to customary closing conditions. We intend to use the net
proceeds from the offering of the notes for general corporate
purposes, which may include repayment of outstanding borrowings, if
any, under our revolving credit facility.
The notes will be offered to qualified
institutional buyers pursuant to Rule 144A under the Securities Act
of 1933, as amended (the "Securities Act"). This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, the notes in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The notes will not be
registered under the Securities Act and may not be offered or sold
in the United States or to U.S. persons absent registration or an
applicable exemption from registration requirements.
CONTACT: Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com