Attached files
file | filename |
---|---|
8-K - FORM 8-K - CREDIT ACCEPTANCE CORP | k48770e8vk.htm |
EX-99.2 - EX-99.2 - CREDIT ACCEPTANCE CORP | k48770exv99w2.htm |
Exhibit 99.1
Silver Triangle Building
25505 West Twelve Mile Road, Suite 3000
Southfield, MI 48034-8339
(248) 353-2700
creditacceptance.com
25505 West Twelve Mile Road, Suite 3000
Southfield, MI 48034-8339
(248) 353-2700
creditacceptance.com
NEWS RELEASE
FOR IMMEDIATE RELEASE
Date: January 19, 2010
Investor Relations: Douglas W. Busk
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
Senior Vice President and Treasurer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
NASDAQ: CACC
CREDIT ACCEPTANCE ANNOUNCES
$225 MILLION SENIOR SECURED NOTES OFFERING
$225 MILLION SENIOR SECURED NOTES OFFERING
Southfield, Michigan January 19, 2010 Credit Acceptance Corporation (referred to as the
Company, we, our, or us) announced today that it plans to offer $225 million of first
priority senior secured notes due 2017 (the notes). We intend to use the net proceeds from the
offering to repay all outstanding borrowings under our revolving credit facility with a commercial
bank syndicate and, to the extent the net proceeds exceed that amount, to repay outstanding
borrowings under our $325.0 million secured warehouse facility with an institutional investor.
The notes will be offered in the United States to qualified institutional buyers pursuant to Rule
144A under the Securities Act of 1933, as amended (the Securities Act), and outside the United
States pursuant to Regulation S under the Securities Act. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes
in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction. The notes will
not be registered under the Securities Act and may not be offered or sold in the United States
absent registration or an applicable exemption from registration requirements.
Cautionary Statement Regarding Forward-Looking Information
We claim the protection of the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 for all of our forward-looking statements. Statements in
this release that are not historical facts, such as those using terms like may, will, should,
believe, expect, anticipate, assume, forecast, estimate, intend, plan, target and
those regarding our future results, plans and objectives, are forward-looking statements within
the meaning of the federal securities laws. These forward-looking statements, which include
statements concerning completion of the offering of the notes and application of net proceeds
therefrom, represent our outlook only as of the date of this release. Actual results could differ
materially from these forward-looking statements since the statements are based on our current
expectations, which are subject to risks and uncertainties. We do not undertake, and expressly
disclaim any obligation, to update or alter our statements whether as a result of new information,
future events or otherwise, except as required by applicable law.
1