Loan & DebtJun 9, 2026, 04:03 PM
Credit Acceptance Extends Credit Facility to 2029, Lowers Rate
AI Summary
Credit Acceptance Corporation announced the extension of its revolving secured line of credit facility with a commercial bank syndicate. The maturity date has been moved from June 22, 2028, to June 22, 2029. Additionally, the interest rate on borrowings under the facility was reduced from SOFR plus 197.5 basis points to SOFR plus 175 basis points. As of June 9, 2026, the company had $270.5 million outstanding under this facility.
Key Highlights
- Credit Acceptance extended its revolving secured line of credit facility from June 22, 2028 to June 22, 2029.
- Interest rate on borrowings decreased from SOFR plus 197.5 basis points to SOFR plus 175 basis points.
- As of June 9, 2026, $270.5 million was outstanding under the facility.
Price Impact
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