Credit Acceptance Announces $100 Million Asset-Backed Bond Transaction.Business Editors SOUTHFIELD, Mich.--(BUSINESS WIRE)--June 3, 2003 Credit Acceptance Corporation (Nasdaq:CACC CACC Center for Animal Care and Control CACC Canadian Association for Community Care CACC Central Alabama Community College CACC Chilterns Association of Camera Clubs (United Kingdom) ) Credit Acceptance announced today that it is preparing to engage in a $100 million asset-backed bond transaction in June 2003. The bonds would be offered and sold solely to qualified institutional buyers In law, a Qualified Institutional Buyer is a purchaser of securities that is financially sophisticated and is legally recognized by security market regulators to need less protection from sellers than most members of the public. in reliance on rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. of the Securities Act of 1933. The Company's prior eight asset-backed transactions were financed through multi-asset conduits owned by commercial banks. The collateral for the financing will consist of assets originated in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . If the transaction is completed, the proceeds will be used to reduce amounts outstanding under the Company's line of credit. The bonds 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. This news release does not and will not constitute an offer to sell or the solicitation of an offer to buy the bonds. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933. Description of Credit Acceptance Corporation Credit Acceptance is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company specializing in products and services for a network of automobile dealer-partners. Credit Acceptance is publicly traded on NASDAQ under the symbol CACC. For more information, visit www.creditacceptance.com. |
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