Credit Acceptance completes $600 million asset-backed secured financing - CACC News | RalliesCredit Acceptance completes $600 million asset-backed secured financing
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CACC• Credit Acceptance completes asset-backed secured financing
- Credit Acceptance completed a USD 600 million asset-backed non-recourse secured financing backed by about USD 750.2 million of consumer loans.
- The trust issued three classes of notes totaling USD 600 million, split across Class A, B, C tranches.
- Expected average annualized cost about 5.5%; structure includes a 24-month revolving period before amortization.
- Proceeds earmarked to repay higher-cost debt; remaining funds allocated to general corporate purposes.
- Post-transaction liquidity included about USD 1.8 billion of unused borrowing capacity across revolvers and unrestricted cash.
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