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Credit Acceptance talks $400 million seven-year notes at 6¾% area; pricing Tuesday
By Abigail W. Adams
Portland, Me., March 5 – Credit Acceptance Corp. talked its $400 million offering of seven-year notes (existing Ba3/BB) in the 6¾% area and accelerated timing with pricing now expected on Tuesday, according to market sources.
The books close at 2 p.m. ET with pricing expected thereafter.
The deal was initially expected to be marketed on a roadshow through Tuesday and to price on Wednesday.
Wells Fargo Securities LLC is the left bookrunner. Credit Suisse Securities (USA) LLC and BMO Capital Markets Corp. are joint bookrunners for the Rule 144A and Regulation S offering.
The notes are non-callable for three years with the first call at par plus 50% of the coupon.
Net proceeds are expected to be $394 million.
Proceeds will be used for general corporate purposes, which may include the repayment of debt under the company’s revolving credit facilities.
Credit Acceptance is a Southfield, Mich.-based auto finance company.
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