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Jun 11, 2001
Credit Acceptance Corporation Completes
$120,000,000 Revolving Credit Agreement
Credit Acceptance Corporation Completes
$120,000,000 Revolving Credit Agreement
$120,000,000 Revolving Credit Agreement
Credit Acceptance Corporation Completes
$120,000,000 Revolving Credit Agreement
Douglas Busk, CFO stated, “Our objectives in renewing the credit facility were to simplify the financial covenants, maintain the amount of borrowing availability and maintain the current pricing on the facility. We are pleased to report that we have accomplished each of these objectives and have increased the maximum borrowing availability from $115 million to $120 million in a difficult environment in the credit markets.”
Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.
Credit Acceptance Corporation Completes $120,000,000 Revolving Credit Agreement
Southfield, Michigan – June 11, 2001 – Credit Acceptance Corporation (Nasdaq: CACC) announced today that it has completed a $120 million credit agreement with a group of commercial banks which will replace its current $115 million credit facility. Borrowings under the facility will bear interest at the bank’s prime rate or 1.4% over the Eurocurrency rate at the Company’s option. The agreement expires on June 10, 2002, and is secured by a lien on most of the Company’s assets on an equal and ratable basis with the Company’s senior notes. The Company has $87.5 million currently outstanding under the agreement.Douglas Busk, CFO stated, “Our objectives in renewing the credit facility were to simplify the financial covenants, maintain the amount of borrowing availability and maintain the current pricing on the facility. We are pleased to report that we have accomplished each of these objectives and have increased the maximum borrowing availability from $115 million to $120 million in a difficult environment in the credit markets.”
Credit Acceptance Corporation is a specialized financial services company which provides funding, receivables management, collection, sales training and related products and services to automobile dealers selling vehicles to consumers with limited access to traditional sources of consumer credit.