Credit Acceptance Plans $300 Mln Senior Notes Offering

(RTTNews) - Credit Acceptance Corp. (CACC) said Thursday that it plans to offer $300 million of senior notes due 2021.

The company said it plans to use the net proceeds from the offering, together with borrowings under its revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of its 9.125% first priority senior secured notes due 2017.

Pending that application of the net proceeds from the offering, the net proceeds may be invested in short-term investments or applied to repay borrowings under our revolving credit facility without reducing the lenders' commitments thereunder.