Credit Acceptance completes $600 million asset-backed secured financing
CACC•Cost, structure and use of proceeds
The financing implies an expected average annualized cost of about 5.5%, including upfront fees, with a 24-month revolving period.
Proceeds are targeted to repay higher-cost debt and support general corporate purposes, with about $1.8 billion of remaining liquidity capacity.
$600 million asset-backed secured financing completed
Credit Acceptance completed a $600 million asset-backed non-recourse secured financing backed by about $750.2 million of consumer loans.
The trust issued three classes of notes totaling $600 million, led by $319.88 million Class A notes priced at 99.99%.
