Credit Acceptance Announces Completion of $300.0 Million Asset-Backed Financing
Credit Acceptance Announces Completion of $300.0 Million Asset-Backed Financing
Southfield, Michigan, Dec. 20, 2024 (GLOBE NEWSWIRE) -- Credit Acceptance Corporation (Nasdaq: CACC) (the "Company", "Credit Acceptance", "we", "our", or "us") announced today the completion of a $300.0 million asset-backed non-recourse secured financing (the "Financing"). Pursuant to this transaction, we conveyed loans having a value of approximately $375.1 million to a wholly owned special purpose entity that will pledge the loans to institutional lenders under a loan and security agreement. We will issue three classes of notes:
密歇根州紹斯菲爾德，2024年12月20日（GLOBE NEWSWIRE）——信貸承兌公司（納斯達克股票代碼：CACC）（「公司」、「信用承認」、「我們」、「我們的」 或 「我們」）今天宣佈完成3億美元的資產支持無追索權擔保融資（「融資」）。根據這筆交易，我們向一家全資特殊目的實體提供了價值約3.751億美元的貸款，該實體將根據貸款和擔保協議向機構貸款人抵押貸款。我們將發佈三類筆記：
| Note Class | Amount | Interest Rate | ||||||
| A | $ | 139,220,000 | 5.79% | |||||
| B | $ | 62,180,000 | 6.03% | |||||
| C | $ | 98,600,000 | 6.67% | |||||
| 筆記等級 | 金額 | 利率 | ||||||
| 一個 | $ | 139,220,000 | 5.79% | |||||
| B | $ | 62,180,000 | 6.03% | |||||
| C | $ | 98,600,000 | 6.67% | |||||
The Financing will:
融資將：
- have an expected average annualized cost of approximately 6.3% including upfront fees and other costs;
- revolve for 36 months after which it will amortize based upon the cash flows on the conveyed loans; and
- be used by us to repay outstanding indebtedness and for general corporate purposes.
- 預計平均年化成本約爲6.3％，包括前期費用和其他費用；
- 循環期爲36個月，之後將根據所傳送貸款的現金流進行攤銷；以及
- 供我們用於償還未償債務和用於一般公司用途。
We will receive 4.0% of the cash flows related to the underlying consumer loans to cover servicing expenses. The remaining 96.0%, less amounts due to dealers for payments of dealer holdback, will be used to pay principal and interest to the institutional lenders as well as the ongoing costs of the Financing. The Financing is structured so as not to affect our contractual relationships with dealers and to preserve the dealers' rights to future payments of dealer holdback.
我們將獲得與基礎消費貸款相關的現金流的4.0％，用於支付服務費用。剩餘的96.0％，減去應付給交易商的交易商滯留款項，將用於向機構貸款人支付本金和利息以及持續的融資成本。融資的結構是爲了不影響我們與經銷商的合同關係，並維護經銷商未來支付經銷商滯留款的權利。
Description of Credit Acceptance Corporation
信貸承兌公司的描述
We make vehicle ownership possible by providing innovative financing solutions that enable automobile dealers to sell vehicles to consumers regardless of their credit history. Our financing programs are offered through a nationwide network of automobile dealers who benefit from sales of vehicles to consumers who otherwise could not obtain financing; from repeat and referral sales generated by these same customers; and from sales to customers responding to advertisements for our financing programs, but who actually end up qualifying for traditional financing.
我們通過提供創新的融資解決方案使汽車經銷商無論信用記錄如何都能向消費者出售車輛，從而使擁有汽車成爲可能。我們的融資計劃通過遍佈全國的汽車經銷商網絡提供，這些經銷商受益於向原本無法獲得融資的消費者出售汽車；受益於這些客戶產生的重複銷售和推薦銷售；以及向回應我們融資計劃廣告但最終有資格獲得傳統融資的客戶的銷售。
Without our financing programs, consumers are often unable to purchase vehicles or they purchase unreliable ones. Further, as we report to the three national credit reporting agencies, an important ancillary benefit of our programs is that we provide consumers with an opportunity to improve their lives by improving their credit score and move on to more traditional sources of financing. Credit Acceptance is publicly traded on the Nasdaq Stock Market under the symbol CACC. For more information, visit creditacceptance.com.
如果沒有我們的融資計劃，消費者通常無法購買車輛或購買不可靠的車輛。此外，正如我們向三家國家信用報告機構報告的那樣，我們計劃的一個重要附帶好處是，我們爲消費者提供了通過提高信用評分來改善生活的機會，並轉向更傳統的融資來源。信貸接受在納斯達克股票市場上市，股票代碼爲CACC。欲了解更多信息，請訪問 creditacceptance .com.
CONTACT: Investor Relations: Douglas W. Busk
Chief Treasury Officer
(248) 353-2700 Ext. 4432
IR@creditacceptance.com
聯繫人：投資者關係：道格拉斯·巴斯克
財務長
(248) 353-2700 分機 4432
IR@creditacceptance.com
譯文內容由第三人軟體翻譯。
