Southfield, Michigan, Jan. 16, 2014 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation( NASDAQ: CACC) (referred to as the"Company", "Credit Acceptance", "we", "our", or "us") announcedtoday it priced the $300 million of its 6.125% senior notes due2021 (the "notes") in its previously-announced offering. The issueprice is 100.000% of the principal amount of the notes. The closingof the sale of the notes is expected to occur on or about January22, 2014, subject to customary closing conditions. We intend to usethe net proceeds from the offering, together with borrowings underour revolving credit facility, to redeem in full the $350.0 millionoutstanding principal amount of our 9.125% first priority seniorsecured notes due 2017 (the "2017 notes") in accordance with theterms of the indenture governing the 2017 notes . Pendingthis application of the net proceeds from the offering, the netproceeds may be invested in short-term investments or applied torepay borrowings under our revolving credit facility withoutreducing the lenders' commitments thereunder. The notes will be offered in the United Statesto qualified institutional buyers pursuant to Rule 144A under theSecurities Act of 1933, as amended (the "Securities Act"), andoutside the United States pursuant to Regulation S under theSecurities Act. This press release shall not constitute an offer tosell or the solicitation of an offer to buy, nor shall there be anysale of, the notes in any jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration orqualification under the securities laws of any such jurisdiction.The notes will not be registered under the Securities Act and maynot be offered or sold in the United States absent registration oran applicable exemption from registration requirements. This pressrelease does not constitute a notice of redemption with respect tothe 2017 notes or an obligation to issue any such notice ofredemption.
Cautionary Statement Regarding Forward-LookingInformationWe claim the protection of the safe harbor for forward-lookingstatements contained in the Private Securities Litigation ReformAct of 1995 for all of our forward-looking statements. Statementsin this release that are not historical facts, such as those usingterms like "may," "will," "should," "believe," "expect,""anticipate," "assume," "forecast," "estimate," "intend," "plan,""target" and those regarding our future results, plans andobjectives, are "forward-looking statements" within the meaning ofthe federal securities laws. These forward-looking statements,which include statements concerning completion of the offering ofthe notes and application of net proceeds therefrom, represent ouroutlook only as of the date of this release. Actual results coulddiffer materially from these forward-looking statements since thestatements are based on our current expectations, which are subjectto risks and uncertainties. We do not undertake, and expresslydisclaim any obligation, to update or alter our statements whetheras a result of new information, future events or otherwise, exceptas required by applicable law.
CONTACT: Investor Relations: Douglas W. Busk Senior Vice President and Treasurer (248) 353-2700 Ext. 4432 IR@creditacceptance.com