| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Tenders > Headlines for 2023 > News item |
Credit Acceptance sees tenders for $322.27 million of 2024 notes
By Marisa Wong
Los Angeles, Dec. 15 – Credit Acceptance Corp. announced the results of its Dec. 5 cash tender offer for any and all of its $400 million 5 1/8% senior notes due 2024 (Cusip: 225310AN1).
As of the expiration of the offer at 5 p.m. ET on Dec. 14, holders tendered $322.27 million of the notes, according to a Friday press release.
That amount excludes $2.83 million of notes tendered under guaranteed delivery procedures.
The company is offering a consideration of $1,000 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.
Payment is expected to be made on Dec. 19.
The offer is subject to conditions, including the successful completion of a new senior debt offering. The company priced $600 million of 9¼% senior notes due 2028. A portion of the proceeds from the new issue, which is expected to settle on Dec. 19, will be used to fund the tender offer.
Wells Fargo Securities, LLC (866 309-6316 and 704 410-4756) is the dealer manager for the tender offer.
Global Bondholder Services Corp. (212 430-3774 for banks and brokers or 855 654-2015 for all others; https://www.gbsc-usa.com/creditacceptance/) is the tender agent and information agent.
Credit Acceptance is a Southfield, Mich.-based auto finance company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.