Credit Acceptance plans to sell $225 million seven-year first-priority notes via Credit Suisse

By Paul A. Harris

St. Louis, Jan. 19 - Credit Acceptance Corp. will hold a roadshow for its $225 million offering of seven-year first-priority senior secured notes this week via bookrunner Credit Suisse Securities, an informed source said.

The Rule 144A with registration rights deal is expected to price on Friday or on Monday.

Proceeds will be used to pay down the company's revolving credit facility and a portion of its revolving secured warehouse facilities.

The notes come with four years of call protection and a change-of-control put at 101%.

The prospective issuer is a Southfield, Mich.-based provider of auto loans to consumers.

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