Credit Acceptance Corp. issued a private offering of $400 million of senior notes payable at 6.625% interest, according to a company release. The notes will mature in 2023.
The company plans to use the proceeds for “general corporate purposes, which may include repayment of outstanding borrowings, if any, under our revolving credit facility,” according to a press release.
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Southfield-Mich.-based Credit Acceptance has other sets of senior notes outstanding — $300 million of notes that mature in 2021 and $250 million set to expire in 2023.
The $300 million offering, initiated in Janauary 2014, had a 6.125% interest rate. The $250 million offering, initiated in March 2015, sported a 7.375% interest rate.
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