Credit Acceptance Corp. (CACC) Increases Amount of Revolving Warehouse Facility from $50M to $75M
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Credit Acceptance Corporation (Nasdaq: CACC) announced today that it has increased the amount of its revolving secured warehouse facility with an institutional investor from $50.0 million to $75.0 million. In addition, the expiration of the revolving period on the facility was extended from May 23, 2010 to August 31, 2011 and the maturity of the facility was extended from May 23, 2011 to August 31, 2012.
The interest rate on the facility was increased from a floating rate equal to Libor plus 177.5 basis points to Libor plus 375.0 basis points. There were no other material changes to the terms of the facility.
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