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Credit Acceptance Announces Pricing Of Secondary Offering By Selling Shareholders

Southfield, Michigan, April 11, 2013 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation ( NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today the pricing of the previously announced underwritten public offering by certain trusts affiliated with the founder and Chairman of the Company Donald A. Foss and Karol A. Foss and certain individuals and entities associated with Prescott General Partners LLC of 1,500,000 shares of the Company's common stock at a price to the public of $105.00 per share.  The Company will not sell any shares in the offering and will not receive any proceeds from the offering.  The underwriters will have a 30-day option to purchase up to an additional 225,000 shares of the Company's common stock from the selling shareholders.

Subject to customary conditions, the offering is expected to close on April 17, 2013.

BofA Merrill Lynch and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering, with BMO Capital Markets acting as a co-manager.

The offering is being made pursuant to an effective shelf registration statement (including a prospectus) filed with the Securities and Exchange Commission (the "SEC") on April 8, 2013.  A preliminary prospectus supplement relating to the offering has been filed with the SEC.  Copies of the preliminary prospectus supplement, the accompanying prospectus and, when available, the final prospectus supplement can be obtained from BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention:  Prospectus Department or email dg.prospectus_requests@baml.com and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, via telephone: +1 (800) 221-1037, or by e-mail: newyork.prospectus@credit-suisse.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.  The offering is being made only by means of a prospectus supplement and accompanying prospectus.

Stock quotes in this article: CACC 

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