Credit Acceptance to draw on revolvers for common stock purchase

By Ashley Montgomery

Kansas City, Kan., June 1 - Credit Acceptance Corp. plans to draw on one or more of its revolving credit facilities to fund a tender offer for its common stock, according to a news release.

The company said it will draw on one or a combination of its revolving secured line of credit facility and its revolving secured warehouse facilities.

The company is offering to purchase up to 1 million shares at $84.45 per share.

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

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