Press Releases

Southfield, Michigan , Dec. 16, 2019 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or “us”) announced today that its previously announced cash tender offer (the “Offer”) for any and all of the $300,000,000 aggregate principal amount of its 6.125% Senior Notes due 2021 with CUSIP number 225310AG6 (the “Notes”) expired at 5:00 P.M., New York City time, on December 13, 2019 (the “Expiration Time”). According to information provided by Global Bondholder Services Corporation, the Tender and Information Agent for the Offer, Notes in an aggregate principal amount of $148,169,000 were validly tendered and not validly withdrawn at or before the Expiration Time. No Notes were tendered pursuant to the guaranteed delivery procedures described in the Offer to Purchase, including the related Notice of Guaranteed Delivery, dated December 9, 2019 (the “Offer to Purchase”), and in the related Letter of Transmittal. The closing of the Offer is subject to a number of conditions that are set forth in the Offer to Purchase, including the successful completion by us of a new senior debt offering. If the conditions are met, we expect to pay for the Notes that were validly tendered and not validly withdrawn at or before the Expiration Time on December 18, 2019 (the “Settlement Date”).

Holders who validly tendered (and did not validly withdraw) their Notes at or before the Expiration Time will receive $1,002.80 for each $1,000 principal amount of Notes accepted by us for purchase in the Offer. Accrued and unpaid interest to, but not including, the Settlement Date will be paid in cash on all validly tendered Notes accepted by us for purchase in the Offer.

We intend to fund the purchase of the Notes that were validly tendered and not validly withdrawn at or before the Expiration Time with a portion of the proceeds from our previously announced senior debt offering, the closing of which is expected to occur on or about December 18, 2019, subject to customary closing conditions.

Wells Fargo Securities, LLC has acted as Dealer Manager in connection with the Offer. Copies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery may be obtained from Global Bondholder Services Corporation, the Tender and Information Agent for the Offer, online at http://www.gbsc-usa.com/cac/ or by telephone at (212) 430-3774 (banks and brokers) or (866) 794-2200 (all others). Questions regarding the Offer may be directed to the Tender and Information Agent at this telephone number. Questions regarding the Offer may also be directed to the Dealer Manager at (866) 309-6316 (toll-free) and (704) 410-4756 (collect). 

This announcement is not an offer to purchase or a solicitation of an offer to sell any securities. The Offer was made solely by means of the Offer to Purchase and the related Letter of Transmittal

Cautionary Statement Regarding Forward-Looking Information

Statements in this release that are not historical facts, such as those using terms like “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,” “estimate,” “intend,” “plan,” “target” and those regarding our future results, plans and objectives, are “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements, which include statements concerning the Offer and the new senior debt offering, represent our outlook only as of the date of this release. Actual results could differ materially from these forward-looking statements since the statements are based on our current expectations, which are subject to risks and uncertainties. We do not undertake, and expressly disclaim any obligation, to update or alter our statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Investor Relations: Douglas W. Busk Senior Vice President and Treasurer (248) 353-2700 Ext. 4432 IR@creditacceptance.com