Credit Acceptance Announces Potential Asset-Backed Financing
December 05 2023 - 8:17AM
Credit Acceptance Corporation (Nasdaq: CACC)
(referred to as the “Company”, “Credit Acceptance”, “we”, “our”, or
“us”) announced today that, subject to market conditions, the
Company intends to complete an issuance of approximately
$294.0 million of asset-backed notes during the fourth quarter
of 2023 through one or more special-purpose subsidiaries, the net
proceeds from which financing the Company expects would be used for
general corporate purposes. No assurance can be given that the
Company will commence or complete the potential asset-backed
financing transaction.
Any securities offered and sold in the potential
asset-backed financing transaction will not be registered under the
Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. This news release does not constitute an
offer to sell or a solicitation of an offer to buy any such
securities.
Cautionary Statement Regarding
Forward-Looking Information
Statements in this release that are not
historical facts, such as those using terms like “may,” “will,”
“should,” “believe,” “expect,” “anticipate,” “assume,” “forecast,”
“estimate,” “intend,” “plan,” “target,” or similar expressions, and
those regarding our future results, plans, and objectives, are
“forward-looking statements” within the meaning of the federal
securities laws. These forward-looking statements, which include
statements concerning the potential asset-backed financing
transaction and use of the net proceeds therefrom, represent our
outlook only as of the date of this release. Actual results could
differ materially from these forward-looking statements since the
statements are based on our current expectations, which are subject
to risks and uncertainties. Factors that might cause such a
difference include, but are not limited to, the factors set forth
in Item 1A of our Annual Report on Form 10-K for the year
ended December 31, 2022, filed with the Securities and Exchange
Commission (the “SEC”) on February 10, 2023, and Item 1A
in Part II of our Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2023, filed with the SEC on
May 1, 2023, and other risk factors listed from time to time
in our reports filed with the SEC. We do not undertake, and
expressly disclaim any obligation, to update or alter our
statements whether as a result of new information, future events or
otherwise, except as required by applicable law.
Investor Relations: Douglas W. Busk
Chief Treasury Officer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
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