Credit Acceptance to draw on revolvers for stock Dutch tender offer

By Sara Rosenberg

New York, Aug. 28 - Credit Acceptance Corp. plans to use borrowings under its $135 million revolving credit facility, along with borrowings under its $325 million revolving warehouse facility, to help fund a modified Dutch auction tender for common stock, according to a company news release.

Under the tender, the company is offering to purchase up to 3.5 million of its share at a price per share of $28.00 to $31.50.

The tender offer will expire on Sept. 26.

Credit Acceptance is a Southfield, Mich.-based provider of auto loans to consumers.

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