Southfield, Michigan, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation ( NASDAQ: CACC) (referred to as the "Company", "Credit Acceptance", "we", "our", or "us") announced today it priced the $300 million of its 6.125% senior notes due 2021 (the "notes") in its previously-announced offering. The issue price is 100.000% of the principal amount of the notes. The closing of the sale of the notes is expected to occur on or about January 22, 2014, subject to customary closing conditions. We intend to use the net proceeds from the offering, together with borrowings under our revolving credit facility, to redeem in full the $350.0 million outstanding principal amount of our 9.125% first priority senior secured notes due 2017 (the "2017 notes") in accordance with the terms of the indenture governing the 2017 notes . Pending this application of the net proceeds from the offering, the net proceeds may be invested in short-term investments or applied to repay borrowings under our revolving credit facility without reducing the lenders' commitments thereunder.
Credit Acceptance Announces Pricing Of $300 Million Senior Notes Offering
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