Credit Acceptance Extends Warehouse Facility Featured

By Staff Writer December 25, 2018

Credit Acceptance Corp. extended the date on which its $150 million revolving secured warehouse facility will cease to revolve.

The date has moved to Dec.17, 2020 from Dec. 1, 2019. The maturity of the facility was also extended to Dec. 17, 2022 from Dec. 1, 2021.

Prior to the extension, borrowings under the facility had an interest rate equal to the commercial paper rate plus 190 basis points to class A lenders and the commercial paper rate plus 220 basis points to class B lenders.

Following this extension, there is only one class of notes, which will bear interest at a rate equal to the commercial paper rate plus 200 basis points.

There were no other material changes to the terms of the facility. As of Dec. 17, Credit Acceptance did not have a balance outstanding under the facility.

Last modified on Tuesday, 25 December 2018 03:41

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